Sometimes seconds matter

Timing is everything, especially with tax filing deadlines. Taxpayers who have active cases with the U.S. Tax Court may be able to use the IRS e-filing system known as DAWSON to quickly upload documents. One taxpayer had 90 days to file a petition to challenge a proposed tax. But he waited until the evening of […]

IRS says new paperless processing initiative will allow for faster refunds

IRS says new paperless processing initiative will allow for faster refunds – Fox Business https://bit.ly/44SOs74

IRS prevailes in Tax Court

In a recent U.S. Tax Court decision, the IRS prevailed over a married couple that claimed the agency miscalculated their ability to pay. The taxpayers filed returns late for a couple of years, and the IRS assessed tax, plus interest. The taxpayers said they couldn’t pay the amount and requested an installment agreement and offer-in-compromise. […]

Beware of scams

Tax season may be long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits, but that actually result in identity theft. Many current schemes involve the third Economic Impact Payment (originally made in 2021). Messages may also reference the Employee Retention Credit, assert […]

If you win, don’t forget your favorite Uncle wants a cut

Have you recently won playing the lottery or slot machines? Or perhaps that horse you bet on finally came in first place? If so, congrats! Now, don’t forget that Uncle Sam generally requires a cut of your earnings. Indeed, certain gambling winnings are considered taxable income. Taxpayers who have gambling winnings must report all such […]

IRS announces a major change to normal operating practices

IRS Commissioner Danny Werfel has just announced a change that reverses a decades-long practice by IRS revenue officers. Effective immediately, most unannounced visits to taxpayers’ homes or businesses by revenue officers will end and be replaced with mailed letters to schedule in-person meetings. Previously, unarmed revenue officers would sometimes make unannounced visits to collect unpaid […]

Can you claim a bad debt deduction?

Business taxpayers may be able to claim a bad debt deduction if they meet the criteria. There must be an established good-faith intention to create a debtor-creditor status and an enforceable obligation to pay a set sum. One real estate developer claimed a bad debt deduction for money that he’d advanced to related entities. He […]

IRA required minimum distributions: IRS grants relief to custodians

IRA required minimum distributions: IRS grants relief to custodians … – Wolters Kluwer https://bit.ly/3Kj7k6K

Illinois sales tax holiday not returning for 2023. Here’s what to know

Illinois sales tax holiday not returning for 2023. Here’s what to know – NBC Chicago https://bit.ly/3QaJw93

Proposed Bill provides tax relief for disaster victims

A bill in Congress would lift limits on tax relief for disaster victims. The Casualty Loss Deduction Restoration Act has support from both parties in the U.S. House and Senate, plus the accounting profession. If passed, it would repeal a temporary provision of the Tax Cuts and Jobs Act. Reps. Dan Crenshaw (R-TX) and Joe […]