Payroll Taxes withheld carry stiff penalities if not paid

Here’s why it’s critical for employers to comply with employment tax rules and pay the IRS what they collect from employees. In February, a Kentucky man was sentenced to 15 months in prison for willful failure to pay over federal income and employment taxes that he withheld from his employees’ paychecks over a period of […]

TIGTA reviews IRS examination policies

How does the IRS choose businesses for employment tax examinations and assess taxes if they aren’t in compliance? That’s what the Treasury Inspector General for Tax Administration (TIGTA) reviewed in a recent audit. The IRS Specialty Employment Tax (ET) segment conducts most employment tax examinations. TIGTA found that ET examinations had higher average dollars assessed […]

Changes to Social Security may be on the table

As Social Security reform talks heat up, changes to the retirement age, payroll tax may be on the table – CNBC https://cnb.cx/3kFWUVv

Kansas City, Missouri, changes process for refund of 2022 earnings tax

Kansas City, Missouri, changes process for refund of 2022 earnings tax – KSHB 41 Kansas City News https://bit.ly/3ZHil7a

CBO projections on capital gain realizations

The Congressional Budget Office’s (CBO’s) projections of capital gains realizations have decreased from an estimated high of 8.7% of gross domestic product (GDP) in 2021 down to 3.7% of GDP by 2033. (8.7% was the highest percentage in more than 40 years.) According to the CBO, realized capital gains are highly cyclical and vary more […]

Ways and Means Committee issues Oversight Plan

The House Ways and Means Committee Chair Jason Smith (R-MO) has issued the committee’s Oversight and Authorization Plan. It provides a list of hearings and oversight priorities for the next two years. In a nutshell, the committee is poised to monitor IRS performance and enforcement activities, with other areas of focus including tax relief and […]

The used clean vehicle tax credit

If you’re in the market for an electric vehicle (EV) or a fuel cell vehicle (FCV), there may be good news. As of Jan. 1, 2023, qualified used EVs and FCVs purchased from a licensed dealer for $25,000 or less may be eligible for a used clean vehicle credit. The maximum credit is $4,000 and […]

Check fraud reduced by direct deposit

If you’re due a tax refund and are still reluctant to receive it by direct deposit, here’s a reason to reconsider. The Financial Crimes Enforcement Network (FinCEN) has reported a surge in check fraud schemes using the U.S. mail. Over 680,000 suspicious activity reports related to check fraud were filed in 2022, which is nearly […]

FinCEN clarifies rules and issues agenda

A significant part of the U.S. Treasury Department’s new semiannual agenda relates to its Financial Crimes Enforcement Network (FinCEN). FinCEN intends to clarify some Bank Security Act rules, including requiring banks and money service businesses to submit reports, keep records and comply with “know your customer rules” for transactions involving virtual currency. It also plans […]

California, Georgia and Alabama Disaster relief announced

Residents and business owners in federally declared disaster areas of California, Georgia and Alabama, take note: The IRS has extended the federal tax deadline to Oct. 16, 2023. (The previous deadline was May 15, 2023.) This extended relief applies to individuals, businesses, exempt organizations and farms that would usually file this spring. It also covers […]