IRS urges businesses to guard against cyberattacks

With the beginning of the tax season coming up early next year, the IRS urges businesses to guard against cyberattacks. Scam artists are ramping up efforts to steal private data. The information they seek includes credit card details, business identity and employee data, which they may use to file fraudulent tax returns. One frequent method […]

IRS continues to warn taxpayers on scams

Many Americans have already heard that they should be wary of potentially fraudulent emails claiming to be from the IRS. However, such phishing scams can be sophisticated and difficult to spot. Here’s one scheme you can easily identify and reject. The IRS is warning about emails that purport to come from the Taxpayer Advocacy Panel […]

Do you need to schedule a doctor appointment?

Taxpayers who plan to claim medical expense deductions on their 2023 income tax returns now have less than one month to fit in appointments and purchases. You can only claim deductions for qualified medical costs not covered by insurance that exceed 7.5% of your adjusted gross income. If you’re close to or over this limit […]

Time is running out to repay Covid-era 401(k), IRA withdrawals

Time is running out to repay Covid-era 401(k), IRA withdrawals — and claim a tax refund – CNBC https://bit.ly/3TfpMma

IRS rejects more than 20,000 refund claims for pandemic-related tax credit

IRS rejects more than 20,000 refund claims for pandemic-related tax credit – CNBC https://bit.ly/3t5QwuM

Initial beneficial ownership reporting extended to 90 days

The Financial Crimes Enforcement Network has extended the deadline for new entities to file their initial beneficial ownership information (BOI) reports. Reporting entities created in 2024 will now have 90 calendar days (instead of 30) from the date of their creation to file their BOI reports. This extension applies only to reporting entities created in […]

The EV clean vehicle tax credit

Not all electric vehicles (EVs) will qualify for the clean vehicle tax credit. Specifically, EVs placed in service in 2024 won’t be eligible if their battery components are manufactured by a foreign entity of concern (FEOC). EVs placed in service beginning in 2025 mustn’t have batteries containing applicable critical minerals extracted, processed or recycled by […]

Cigarette Taxes and Cigarette Smuggling by State

Cigarette Taxes and Cigarette Smuggling by State, 2021 https://bit.ly/486bw3f

The IRS Whistleblower Office

The IRS Whistleblower Office (WBO) plays a key role in tax collection. The federal tax system relies on voluntary compliance, investigations, data analytics and information from people with knowledge of noncompliance. A tip that leads to collection of proceeds based on matters within the IRS’s jurisdiction may result in a valid claim for a cash […]

Do I need to report funds received?

Federal tax law defines gross income as income from all sources, unless excluded by law. Amounts received for personal injuries or personal sickness are excluded from taxation. In one case, a formerly married couple received a settlement in exchange for vacating their apartment. Neither reported the amounts on their separate tax returns. In U.S. Tax […]