IRS’s Energy Credits Online tool allows Clean Vehicle Credit within 72 hours

The IRS’s Energy Credits Online tool allows clean vehicle dealers to register online and receive dealer advance payments for the Clean Vehicle Credit within 72 hours of the sale of a qualified clean vehicle. The tool generates a time-of-sale report. The agency has announced that it’s extending the deadline for qualified dealers to submit their […]

IRS collected more than $520 million in back taxes

IRS collected more than $520 million in back taxes from delinquent millionaires so far – NBC News https://bit.ly/3HhxPaN

Bar Association submits comments on investment broker reporting requirements

Recently, the American Bar Association (ABA) submitted comments and recommendations to the IRS about investment broker reporting requirements. This was in response to the Aug. 2023, release of proposed regulations under Sec. 6045 that instructed brokers to include transactions involving digital assets. The ABA contends that the regulations threaten “overly expansive and duplicative reporting, which […]

Americans Moved to Low-Tax States in 2023

Americans Moved to Low-Tax States in 2023 https://bit.ly/3NY72UF

Employers can pay back questionable Employee Retention Credits at discounted rate

As part of an ongoing initiative to combat questionable Employee Retention Credit (ERC) claims, the IRS has launched a voluntary disclosure program. It allows eligible businesses to pay back money they received after filing ERC claims in error. The disclosure program runs through March 22, 2024, and allows repayment of 80% of the claim received. […]

IRS collects record amount of revenue

In a recent report, the Treasury Inspector General for Tax Administration (TIGTA) stated that the IRS collected a record-setting amount of revenue in fiscal year 2022. It took in $4.9 trillion, $790 billion more than collected in fiscal year 2021. TIGTA’s Trends in Compliance Activities Through Fiscal Year 2022 also reports an estimated “tax gap” […]

GAO reports on IRS efforts to enhance tax compliance

The Government Accountability Office (GAO) recently reported that the IRS can improve its use of information returns to enhance tax compliance. The IRS received more than five billion such returns in 2022, including Form W-2, Form 1099-NEC, Form 1099-INT and Form 1099-K. It uses these forms to verify self-reported income and tax on taxpayers’ returns. […]

Accuracy related penalty imposed for unreported income

Federal tax law defines gross income as income from all sources, unless excluded by law. In one case, a married couple was assessed an accuracy-related penalty for unreported income from illegal marijuana manufacturing and sales. The couple argued that the IRS lacked direct evidence linking them to any income-producing activity related to marijuana. However, if […]

Make these 5 New Year’s resolutions to avoid scams this year

Make these 5 New Year’s resolutions to avoid scams this year – USA TODAY https://bit.ly/3NQcmtw

IRS ‘Pay Up’ Letters Start Arriving in Millions of Mailboxes

IRS ‘Pay Up’ Letters Start Arriving in Millions of Mailboxes Next Week – The Messenger https://bit.ly/3vo8XLV