IRS says it got $122 million in taxes from millionaires

IRS says it got $122 million in taxes from millionaires – Business Insider https://bit.ly/46Vwp0D

IRS unveils ‘special withdrawal process’ for small businesses that claimed pandemic-era tax credit

IRS unveils ‘special withdrawal process’ for small businesses that claimed pandemic-era tax credit – CNBC https://bit.ly/45T72vD

IRS issues revised tax gap estimates

The IRS has issued a new “tax gap” projection for tax years 2020 and 2021. It shows the projected gross tax gap increased to $688 billion in tax year 2021, a “significant jump from previous estimates,” according to the IRS. The gap is estimated to decrease by $63 billion on 2021 returns when accounting for […]

SSA releases 2024 wage base

The Social Security Administration (SSA) has announced that for 2024 the maximum earnings subject to Social Security tax will increase $8,400, from $160,200 to $168,600. The $168,600 wage base for 2024 is slightly greater than the wage base forecasted by the SSA’s Office of the Chief Actuary back in April. In addition, the SSA announced […]

Offer in Compromise

Taxpayers who owe more federal taxes than they can pay may be able to 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. In […]

Who can represent me before the IRS?

If the IRS wants to talk to you about a specific tax matter, you can authorize a third-party to handle it on your behalf. But whether it’s an unpaid friend or relative or a paid tax pro, you must grant them formal permission. That can take several forms, such as assigning your power of attorney […]

Gift Tax exclusions limits

This holiday season, you may want to make cash gifts to loved ones. The annual gift tax exclusion for 2023 is $17,000 ($34,000 for married couples). You can give up to that amount to an unlimited number of people by Dec. 31, and the gifts will be exempt from gift tax, the generation-skipping tax and […]

IRS to focus audits on Affluent taxpayers

In recent months, the IRS has repeatedly indicated that it intends to focus audit activity on affluent taxpayers with more than $400,000 in annual income, large partnerships and big corporations. Taxpayers in these groups should, therefore, be prepared for extra scrutiny. You may want to review tax filings from the past three years to ensure […]

IRS warns of scheme

The IRS is warning taxpayers about an art donation scheme. Fraudsters are encouraging high-income taxpayers to purchase artwork at “discounted” prices and then wait a year before donating the pieces at inflated fair market values, which are typically significantly higher than the purchase prices. These are the amounts that taxpayers will use for deductible charitable […]

Federal Deficit Grew to $2 Trillion in FY 2023

Federal Deficit Grew to $2 Trillion in FY 2023 https://bit.ly/3QgxYAx