IRS cannot find millions of backup tax records

IRS cannot find millions of backup tax records, watchdog says – CNN https://bit.ly/3PE7G9Q

As Budget Deadline approaches How will it impact due dates?

As an Oct. 1 deadline approaches for Congress to broker a deal and keep the government from shutting down, taxpayers may be wondering how a shutdown will affect upcoming tax filing deadlines. Individual taxpayers who filed for a six-month extension must still file their 2022 income tax returns (Forms 1040 or Forms 1040-SR) and pay […]

TIGTA reports on How to Report Taxpayer Assaults and Threats

Around the country, civil servants have reported increased personal threats and even physical attacks while doing their jobs. Such acts perpetrated against government employees performing official duties are federal crimes. Recently, the Treasury Inspector General for Tax Administration (TIGTA) reviewed the IRS’s response to its workers’ reports of threats and assaults. TIGTA wanted to ensure […]

What Is the Real Value of $100 in Metropolitan Areas?

What Is the Real Value of $100 in Metropolitan Areas? https://bit.ly/3EWwYv9

IRS asks Congress for help in battle against fraud

The IRS is asking Congress for help in battling widespread Employee Retention Tax Credit (ERTC) fraud. The agency has already temporarily stopped accepting new ERTC claims. And in a letter to Senate Finance Committee Chairman Ron Wyden (D-OR), the tax agency made two requests: 1) that Congress will give the IRS authority to regulate paid […]

Is this from the IRS?

Identity thieves may contact taxpayers through fraudulent telephone calls, emails, texts or social media messages pretending to be the IRS. To reduce the chances of identity theft, the IRS has published tips to help taxpayers know when the IRS is actually contacting them. The first step the IRS typically takes is mailing a letter. If […]

IRS releases ERTC red flags

The IRS is continuing to warn businesses about aggressive marketing by nefarious actors involving the Employee Retention Tax Credit (ERTC). It has suspended the processing of ERTC claims until at least year end because of a spike in the number of fraudulent claims. The IRS has now issued a series of red flags businesses should […]

US federal budget soars

The U.S. federal budget deficit will double this year, excluding student loans, according to the August report from the Congressional Budget Office. The widening deficit is due to a 3% rise in spending and a 10% decline in federal tax receipts. Spending increases include higher interest on the national debt and higher Social Security, Medicare […]

Will there be a shutdown?

If Congress fails to strike a spending deal and the U.S. government shuts down on Oct. 1, 2023, hundreds of thousands of federal workers will be furloughed. Originally, the IRS said it would remain fully staffed and operate normally, no matter what happens. However, the tax agency is now working on new contingency plans, which […]

IRS pauses on processing ERC Claims

Amid urgent concerns about scams, the IRS has immediately halted acceptance of new claims for the Employee Retention Credit (ERC), at least through year end. IRS Commissioner Danny Werfel has seen a flood of reports from tax pros and others, stating that many new claims are ineligible. To reduce the chances of fraud, previously filed […]