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

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 […]

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. […]