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 […]

IRS warns on another scam

The IRS is warning about a tax scam that takes advantage of a U.S. tax treaty with Malta. Bad actors encourage U.S. taxpayers to make unlimited noncash contributions to Maltese individual retirement arrangements. Promoters may refer to them as “pension funds.” Participants usually contribute highly appreciated assets, which are then sold for cash. They’re told […]

GAO issues audit of IRS

The Government Accountability Office (GAO) has issued an audit report (https://bit.ly/4drmu79 ) for the IRS’s fiscal year 2023 financial statements. Although the GAO generally believes the agency’s internal controls are effective in preventing misstatements, it cautions about ongoing “significant deficiencies” when it comes to unpaid assessments and information system controls. It also identifies three new […]

IRS reminds Taxpayers to review their disaster emergency plan

The IRS is reminding taxpayers that with peak periods for natural disasters approaching, this is an ideal time to review and protect important tax and financial information as part of a disaster emergency plan. Indeed, May is National Wildfire Awareness Month, and the week of May 5 begins National Hurricane Preparedness Week. Start by keeping […]

Biden promises no tax hike

On April 30, U.S. Treasury Secretary Janet Yellen told the House Ways and Means Committee that “no family earning less than $400,000 will face a tax hike” under President Biden’s proposed budget. Yellen testified in front of the committee about a variety of tax issues (domestic and international), as a battle is brewing in Congress […]