IRS Issues Warning on Data Security

IRS Issues Warning on Data Security – Newsweek https://bit.ly/3ycvxIE

Is your withholding correct?

With the tax filing deadline passed, you may want to forget about taxes for now. Before you do, take some time to ensure your 2024 withholding amount is correct. If you’re an employee who ended up with a surprise tax bill for 2023, and possibly penalties, you can give your employer a new Form W-4 […]

Did you pay the correct amount of tax?

You have the right to pay no more than the correct amount of tax due, including, if applicable, penalties and interest. This legal right means you can file for a refund if you think you’ve overpaid and file an amended return if you make an error on your original return. You can also notify the […]

Reasonable Cause may lower penalties

If you missed the federal income tax filing deadline and owe money, you should expect to receive a bill in the mail. However, if you can show “reasonable cause” for not filing or paying on time and you make a “good faith” payment as soon as you’re able, the IRS may be willing to abate […]

Tax Relief for American Familes Bill Update

In January, the House passed the Tax Relief for American Families and Workers Act. The $79 billion bipartisan bill would, among other things, temporarily expand the Child Tax Credit, restore current business tax deductions for 100% of domestic R&D expenses and extend 100% bonus depreciation. However, the bill has since stalled in the Senate. To […]

How did the Service perform in tax season?

The April 15 tax filing deadline has passed, so how did the IRS perform? Thanks to funding provided by the Inflation Reduction Act, the IRS says it expanded taxpayer service to levels not seen in more than a decade, with double-digit gains occurring in critical areas. Compared to a year ago, the IRS answered more […]

Do I need to file an amended return?

Did you submit your tax return and then realize you made a mistake? Perhaps pieces of information were forgotten. Now you may be wondering if you need to file an amended return. The IRS states that taxpayers usually don’t need to file amended returns for certain issues. The IRS will correct any math errors while […]

Conservation easement deductions

Donating a conservation easement can provide taxpayers with a legitimate charitable deduction, so long as the donation meets certain requirements. But beware of bad actors promoting conservation easements with deductions that exceed the amount invested in the property. Typically, you’re allowed to claim a charitable contribution deduction for the fair market value of a conservation […]

Did you report your digital asset income?

Taxpayers must report all digital asset-related income on their federal income tax returns. Digital assets include non-fungible tokens (NFTs), stablecoins, cryptocurrency and other forms of virtual currency. Such assets are taxed as property. If you have digital holdings (or had them at any time during the tax year), you must answer “yes” to the question […]

Tax Scam Alert!

Wealthy individuals can be tempting targets for dishonest promoters pushing a variety of aggressive strategies designed to reduce taxes. The IRS is warning that these schemes can take different forms, including inflated art donation deductions, aggressive charitable remainder annuity trusts and detailed tax shelters that purport to delay paying gains on property. For example, one […]