Scam Alert

Charitably inclined individuals should be aware of groups that are masquerading as charitable organizations to attract donations. The fraudsters use fake charities as cover to not only obtain money, but also gather sensitive personal and financial information that can be exploited for tax-related identity fraud. When taxpayers contribute to an organization, they may qualify for […]

IRS issues guidance on energy rebates

The IRS has issued guidance that addresses the tax treatment of rebates received for purchasing energy efficient property and improvements. Generally, individuals who receive the rebates aren’t required to include their value as income on their federal tax returns. However, they must reduce the basis of the property by the amount of the rebate when […]

New Parent?

Did you or someone you know become a parent this year? If so, you should know that parents have special tax situations and benefits that may lower their tax bills and increase potential refunds. To claim parental tax breaks, your child must have a Taxpayer Identification Number (such as a Social Security number) to confirm […]

Offer in Compromise mills

As part of its annual “Dirty Dozen” list of tax scams, the IRS renewed warnings about Offer in Compromise (OIC) mills. They’re run by unscrupulous companies that falsely claim they can resolve tax debts for pennies on the dollar without even knowing the details. IRS Commissioner Danny Werfel explained these mills charge steep fees by […]

Estimated tax payments due

If you make estimated tax payments, be aware that April 15 isn’t just the 2023 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2024. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others that don’t have taxes withheld from their income. The payments are […]

90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront payment

90% of qualifying electric-vehicle buyers opt for $7,500 ‘new clean vehicle’ tax credit as upfront payment, Treasury says – CNBC https://bit.ly/3vSPXpw

Tax pros warn against following terrible tax tips circulating on TikTok

Tax pros warn against following terrible tax tips circulating on TikTok – CBS News https://bit.ly/49vr01f

The Trust Fund Recovery Penalty

When a business willfully fails to comply with payroll and income tax obligations, the IRS generally requires any misused funds to be paid back. It also imposes a trust fund recovery penalty (TFRP) on “responsible” persons. Usually, these are owners, officers, directors and shareholders. In one recent case, a U.S. District Court ruled that an […]

This simple move ‘takes minutes’ to file a free federal tax extension

This simple move ‘takes minutes’ to file a free federal tax extension, tax pro says — here’s what to know – CNBC https://bit.ly/4cQefRE

First Estimated Tax Payment for 2024 due soon