Discussion on potential renters’ tax credit

A recent American Bar Association (ABA) conference discussed a potential tenant-based renters’ tax credit (RTC), which could be claimed on federal income tax returns if it was enacted into law. It was suggested that an RTC could be refundable, similar to the Child Tax Credit, to benefit low-income individuals. Another proposal was to make an […]

Cash payment reporting is now a required electronic filing

The IRS is reminding businesses that if they intend to file 10 or more information returns reporting cash payments over $10,000 in a single transaction, they must file Form 8300 electronically, instead of filing the forms on paper. To e-file, your business must first set up an account with the Financial Crimes Enforcement Network’s BSA […]

IRS Commissioner comments on increased audits of high income taxpayers

In recent comments, IRS Commissioner Danny Werfel explained that the agency doesn’t make sweeping assumptions that any taxpayer making more than $400,000 is automatically assumed to be a tax cheat and should expect an audit. Instead, Werfel stressed that the IRS is using funding provided by the Inflation Reduction Act to better leverage data to […]

Treasury chief Yellen defends Biden budget against Republican senators’ fears of tax increases

Treasury chief Yellen defends Biden budget against Republican senators’ fears of tax increases – CNBC https://bit.ly/4at06bd

Jay Ashcroft proposes slashing state budget to eliminate Missouri income tax

Jay Ashcroft proposes slashing state budget to eliminate Missouri income tax • Missouri Independent – Missouri Independent https://bit.ly/3TLydWg

Tax Fraud

While most taxpayers strive to file honest tax returns, a few try to outsmart the IRS. One man was charged by the IRS with filing false returns for a fictitious company, listing himself as the sole owner. He obtained an employer tax ID number and claimed that the business paid him significant wages, but he […]

I.R.S. Stepping Up Efforts to Squash Fraud in Tax Credit Program

I.R.S. Stepping Up Efforts to Squash Fraud in Tax Credit Program – The New York Times https://bit.ly/4a6v60J

ERC Audit Flags

In advance of the March 22 deadline to apply for the IRS’s Voluntary Disclosure Program to correct improper Employee Retention Tax Credit (ERTC) claims, the agency has issued seven red flags of a bad claim. Indeed, to combat a wave of dubious ERTC claims, the IRS has sharply increased compliance action through audits and criminal […]

Offer in Compromise may help settle old tax debt

Taxpayers who can’t pay their full federal tax bill may seek an Offer in Compromise (OIC) with the IRS. An OIC allows a taxpayer to settle a debt for less than owed or to enter an agreement for more time to pay if paying the total would cause financial hardship. Applying for an OIC requires […]

Yes, you can receive your refund in US Savings Bonds

If you’re owed a tax refund this year, you might want to consider receiving it in U.S. Series I savings bonds. Under an IRS program, you’re allowed to use any amount of your refund divisible by $50, up to $5,000 per year to buy the bonds. These low-risk investments can accrue interest for up to […]