New Scam Alert

The IRS is warning of a new tax scam promoted on social media. The scam encourages people to manually fill out false W-2 forms, claiming large income and withholding figures. They then file bogus tax returns claiming false refunds. One variation of the scam involves making false claims for sick and family medical leave for […]

SCOTUS hears arguments in case against IRS

On March 29, the U.S. Supreme Court (SCOTUS) heard oral arguments in a case against the IRS. The issue is whether, to collect delinquent taxes, the IRS can seek third-party records without first notifying the taxpayers. In this case, an IRS agent feared the married taxpayers were hiding assets in banks or in their business. […]

Mississippi tax relief

The IRS has provided tax relief to victims of Mississippi state severe storms and tornadoes that occurred on March 24 and 25, 2023. Individuals and businesses in the disaster area now have until July 31, 2023, to file various tax returns and to make tax payments. Taxpayers who reside or have a business in the […]

Beware of Charity Scams

Beware of the latest disaster-related charity scams, the IRS warns. As part of their annual “Dirty Dozen” campaign, the IRS urges taxpayers to be alert for scams that arise following a major disaster. Thieves take advantage of storms, flooding, fires and other disasters to prey on the public’s desire to help victims. To appear legitimate, […]

IRS releases ‘Dirty Dozen’ tax-scam list

IRS releases ‘Dirty Dozen’ tax-scam list – The Washington Post https://wapo.st/3lQihUF

This tax move is a game changer

This tax move is a ‘game changer’ for freelancers and gig economy workers, advisor says – CNBC https://cnb.cx/3zkXFGX

Form 1099-K

Previously delayed changes to a key filing requirement have kicked in for 2023. Form 1099-K (Payment Card and Third-Party Network Transactions) is used by businesses to report certain payments they make that exceed minimum levels. Under prior rules, the threshold that triggered the filing of a 1099-K form was $20,000 in payments for goods or […]

The Superfund Excise Tax

In 2021, the Infrastructure Investment and Jobs Act reinstated and modified the lapsed Superfund excise tax for certain hazardous materials. It went into effect July 1, 2022. The IRS has issued proposed regulations for how manufacturers, producers and importers should apply these taxes to “taxable chemicals” and “taxable substances.” Taxable chemicals are contained in the […]

A Short Guide to Property Taxes

Close to Home: A Short Guide to Property Taxes https://bit.ly/3Kl567y

When must you start taking required minimum distributions?

When must you start taking required minimum distributions (RMDs) from your retirement plan? The IRS answers this and other retirement plan questions in recently updated FAQs. It explains that individuals generally must start taking RMDs from traditional IRAs, SEP IRAs, SIMPLE IRAs and retirement plans when they reach age 72, or age 73 if they […]