Which states cost the most in lifetime taxes?

Which states cost the most in lifetime taxes? – USA TODAY https://bit.ly/3TXsds6

IRS warns on fraud scheme to set up account

It’s generally easy to set up an IRS Online Account (https://bit.ly/49RftJV), where you can access your tax records, set up payment plans, manage communication preferences and more. That hasn’t stopped con artists from trying to “help” people establish accounts and, in the process, steal their tax identities. The IRS is warning about third-party agents who […]

GAO reports on IRS technology roadmap

The Government Accountability Office (GAO) recently released a report on the IRS’s updated plans for its IT programs and related issues. Among other things, the report summarizes the technology objective of the IRS’s strategic plan, determines the extent to which the agency has updated plans for its IT modernization programs and assesses progress made on […]

Fuel Tax Credit Fraud

The Fuel Tax Credit is available only for off-highway business and farming use and not for most taxpayers. However, the IRS continues to see instances where unscrupulous promoters mislead taxpayers about fuel use and create fictitious receipts for fuel. By claiming the Fuel Tax Credit on Form 4136, Credit for Federal Tax Paid on Fuels, […]

Is it an ordinary and necessary expense?

Business owners can generally deduct ordinary and necessary operating costs on their tax returns if they can show the costs are legitimate. One corporation conceded that it wasn’t entitled to deduct expenses related to an overstatement of costs of goods sold. Also disallowed were expenses for two vehicles the IRS contended were for personal use. […]

Here are the 10 states where the middle class pays the most in taxes

Here are the 10 states where the middle class pays the most in taxes — and the 9 states where they pay no state … – Yahoo Finance https://bit.ly/3TQJd3g

Some retirement savers can still get a ‘special tax credit,’ IRS says — but most don’t claim it

Some retirement savers can still get a ‘special tax credit,’ IRS says — but most don’t claim it – CNBC https://bit.ly/4apuSCb

More of the IRS Dirty Dozen list revealed

On day two of the IRS “Dirty Dozen” list of worst scams, the IRS is again warning of scams involving the Employee Retention Tax Credit (ERTC). The refundable credit was intended to keep workers employed during COVID-19. But bad actors saw opportunities to mislead businesses about eligibility, using aggressive marketing tactics. That led to a […]

These States Are Using Their Budget Surpluses to Give Tax Breaks to Residents

These States Are Using Their Budget Surpluses to Give Tax Breaks to Residents https://bit.ly/3vQgfbP

US Tax Court rules taxpayers are liable for civil fraud penalties

Two partners operated several car-for-hire businesses through numerous C corporations. According to the IRS, one of the partners didn’t report constructive dividends from the businesses on his joint tax returns. The IRS audited the married taxpayers after the husband pleaded guilty to healthcare fraud in connection with the businesses. The tax agency found the couple […]