Ways and Means Committee studies expiring tax provisions

Republican members of the U.S. House of Representatives’ Ways and Means Committee have formed several “tax teams” to study the expiring tax-related provisions of the Tax Cuts and Jobs Act (TCJA). Many of these provisions are scheduled to expire on Jan. 1, 2026. Specifically, 10 tax teams have been established to focus on: American manufacturing, […]

IRS highlighted numerous resources during Small Business Week

During National Small Business Week (April 28 – May 4), the IRS highlighted numerous resources available to help small business owners and entrepreneurs learn and understand their tax responsibilities. Indeed, there are several tax-related issues to consider. For example, one of the first steps when starting a small business is acquiring an employer identification number […]

Selling your home?

Summer will be here in just a few weeks, and that’s a time when many people move. If moving includes selling your home, at tax filing time you may qualify to exclude some or all gain from the sale. To claim the exclusion, you must meet ownership and use tests: During the five-year period ending […]

You can appeal an OIC rejection

Taxpayers who can’t pay the full tax they owe may request an offer in compromise (OIC) from the IRS. That’s a way to settle your tax debt for less than is owed. The IRS states that it generally approves an OIC from an eligible taxpayer if it’s reasonable. But suppose your OIC is rejected. If […]

Seniors are more likely to be harmed by theft loss

A report recently published by the U.S. Senate Special Committee on Aging argues that those most at risk of being victimized by fraud, seniors, are also likely to be harmed by provisions contained in the Tax Cuts and Jobs Act (TCJA). The TCJA modified the traditional casualty and theft loss deduction so that only losses […]

Owe Tax?

If you owe tax and don’t pay the IRS on time and in full, you could face a penalty on the unpaid tax. Penalties may also be assessed if you fail to file an accurate and on-time income tax return or information return, or if you make an erroneous claim for a credit or refund. […]

ERTC claims showing benefits of going digital

During recent testimony before the Senate Finance Committee, IRS Commissioner Danny Werfel used the challenges of processing Employe Retention Tax Credit (ERTC) claims as an example of the benefits of increasing the digital processing and filing of tax returns. Werfel told the committee that the IRS’s progress “is hampered by the fact that amended returns […]

What has the IRS spent IRA funding on?

The Treasury Inspector General for Tax Administration (TIGTA) issued a report updating how the IRS has spent funding provided by the Inflation Reduction Act (IRA). Of the approximate $78 billion, the agency expended nearly $4.4 billion (5.6%) through Dec. 31, 2023. Breaking the numbers down further, of the $4.4 billion, the IRS spent nearly $2 […]

Did you receive a letter from the IRS?

Receiving a letter from the IRS may make you go weak in the knees. Don’t panic, but do read the letter, the tax agency says. The IRS may simply have a question about your return or inform you of a change to your account or the letter may request payment. Don’t ignore it. Instead, read […]

Data Breach? What should I do?

Could your business become a victim of a data security breach? Most businesses store sensitive data about employees and customers, including names, addresses and Social Security numbers (SSNs). If lost or stolen, this data could put individuals at risk for identity theft and other types of damage. Depending on the situation, the IRS advises: 1) […]