Voluntary Disclose Program deadline approaching

The IRS voluntary disclosure program involving the Employee Retention Tax Credit (ERTC) runs through March 22, 2024. It allows eligible businesses to repay 80% of the money they received after filing ERTC claims in error. They also don’t need to pay penalties and interest. To help educate taxpayers on the program, the IRS has posted […]

Where’s my refund?

Tax filing season is underway. If you’ve filed your federal tax return and are wondering when you might receive your refund, check out the IRS’s enhanced Where’s My Refund? online tool. It provides taxpayers with three key pieces of information: confirmation that the IRS received your return, notice of approval of the tax refund and […]

Can your social media posting impact a tax dispute?

Can posting on social media be evidence in a tax dispute? In one case, the U.S. Tax Court said yes. The court allowed the IRS to present a woman’s blog posts as evidence. The taxpayer and her husband allegedly underpaid tax for multiple years. After the husband died, the wife sought “innocent spouse” relief, which […]

FinCen reports a surge in fraud Schemes

If you’re due a tax refund and are reluctant to receive it by direct deposit, here’s a reason to reconsider. The Financial Crimes Enforcement Network (FinCEN) has reported a surge in check fraud schemes using the U.S. mail. The latest available figures from FinCEN show that from 2020 to 2022, the number of suspicious activity […]

IRS releases FAQs on USDA program

One of the provisions of the Inflation Reduction Act is intended to provide financial help to farmers, ranchers and forest landowners who experienced discrimination from the U.S. Dept. of Agriculture (USDA) prior to 2021. Applications for the USDA Financial Discrimination Assistance Program were due Jan. 17, 2024. The IRS recently released FAQs (https://bit.ly/42RXbWI ) about […]

A Tax Sunset Will Change What You Owe the I.R.S

A Tax Sunset Will Change What You Owe the I.R.S. – The New York Times https://bit.ly/430JW6g

Is your ITIN up to date?

If you have an Individual Taxpayer Identification Number (ITIN), make sure it’s current before you file your taxes. In general, certain nonresident and resident aliens, their spouses and dependents who aren’t eligible for Social Security Numbers use ITINs to file income tax and information returns. The IRS can still accept your return if your ITIN […]

CBO reports on deficit

The Congressional Budget Office (CBO) has reported that the estimated federal budget deficit for the first four months of fiscal year 2024 reached $531 billion. That amount is $71 billion more than the deficit recorded during the same period during fiscal year 2023. Although revenues this year were $112 billion (8%) higher, outlays rose by […]

An update on the solvency of the Social Security Trust Fund

The long-term solvency of the Social Security trust fund has been a topic of concern for both Congress and individual taxpayers for years. Congress often puts forth bills to address the program’s projected financial shortfall. Some proposals aim to achieve financial balance by reducing costs (such as benefit amounts) while other proposals aim to achieve […]

Is there an error on your W-2?

Did you receive an incorrect Form W-2 from a former employer? If so, the IRS advises you to first contact the employer to request a correction. If you haven’t received it by the end of February, contact the IRS to initiate a complaint (see link below). What happens next? The IRS will request a correction […]