Need a home downpayment?

If you need cash quickly, you may be considering a withdrawal from your traditional IRA. However, if you’re under age 59½, the IRS defines that as an “early withdrawal,” which is generally subject to a 10% penalty tax. Several exceptions exist. One exception allows you to take a penalty-free withdrawal for the purchase of an […]

the IRS Ghost Employer Project

“Ghost employers” issue Forms W-2 to their employees but don’t submit those forms to the Social Security Administration, file employment tax forms or make federal tax deposits. To help reduce the tax gap associated with this scheme, the IRS has called in ghost busters, according to the Treasury Inspector General for Tax Administration (TIGTA). Recently, […]

IRS is opening an Alternative Dispute Resolution Program Management Office

A 2023 report issued by the U.S. Government Accountability Office (GAO) discovered a 65% reduction in the use of the IRS’s alternative dispute resolution (ADR) process. At the time, the GAO recommended that the IRS create a more robust program, collect more data and provide a neutral contact person for taxpayers and advisors. Now the […]

Secure 2.0 Act’s special distribution rules

The SECURE 2.0 Act provides special rules for distributions from retirement plans and for retirement plan loans when taxpayers are affected by federally declared disasters. The IRS has released a fact sheet with frequently asked questions (FAQs) about how the rules work. Prior to the enactment of SECURE 2.0 in 2022, no disaster relief regarding […]

Real ID license deadline in May 2025 means you’ll need new card to fly

Real ID license deadline in May 2025 means you’ll need new card to fly – USA TODAY https://bit.ly/3K78v92

Here are some options to reduce taxes on your savings interest this year

Here are some options to reduce taxes on your savings interest this year – CNBC https://bit.ly/3QOwgqf

IRS issues update on Operating Plan

In April 2023, the IRS published its Strategic Operating Plan that set initial short- and long-term goals for what it hoped to accomplish with the funding provided by the Inflation Reduction Act. A little over a year later, the tax agency has issued its first annual progress report. In the report, the IRS touted its […]

TIGTA identifies fraud scheme

A recent announcement identified a scheme that could’ve cost taxpayers $3.5 billion in fraudulent payments. An investigation by the Treasury Inspector General for Tax Administration (TIGTA) found that individuals had obtained Employer ID Numbers (EINs) for businesses that may not be active. The EINs were used to file tax returns claiming Employee Retention Tax Credits […]

Getting Married? Don’t forget to change your withholding

Wedding season is here. That’s generally a happy time involving gifts, cake and endless details. The last thing on your mind may be taxes but the IRS wants to remind newlyweds of a few important steps. Next year, you’ll be filing your first tax return as a married person and that could affect the amount […]

2020 Deadline tomorrow

May 17 is an important upcoming deadline for the 1 million people who didn’t file their 2020 federal tax returns and are due a refund. Indeed, that’s the filing deadline to claim an estimated more than $1 billion in tax refunds that the IRS says remain available. There’s no penalty for failing to file if […]