Will ERC Equal PPP In Terms of Fraud? – Newswise https://bit.ly/3hPKKY1

Remarks by outgoing IRS Commissioner

Outgoing IRS Commissioner Charles P. Rettig remains optimistic about the agency’s opportunities to implement transformational changes over the next decade. Rettig said he’s confident that funding provided by the Inflation Reduction Act will be used to accelerate new online features, explore artificial intelligence projects and expand community outreach. At the same time, he added, the […]

donating to charity through an IRA

Distributions from a traditional Individual Retirement Account (IRA) are generally taxable when received, though exceptions exist. For charitably inclined taxpayers who are at least 70½ years old, one tax-favored exception is the qualified charitable distribution (QCD). A QCD is a nontaxable distribution made directly by an IRA’s trustee to organizations that are qualified to receive […]

Closing a business?

If you’re closing a business, there are important bases you may have to cover. Here’s a rundown: File a final tax return and related forms, depending on the type of business. Issue final paychecks to employees and file employment tax reports for the quarter, plus annual reports. Provide Forms W-2 to employees, and Forms 1099-NEC […]

IRS Priority Guidance Plan

Want to know what the IRS plans to prioritize in 2023? Check the 2022–2023 Priority Guidance Plan: https://bit.ly/3NNFjox. It includes 205 guidance projects, including 60 new items, that the IRS will focus its efforts and budget on during the fiscal year. One new addition is a project category for “energy security,” which contains items related […]

TIGTA issues security recommendations

In a recent audit, the Treasury Inspector General for Tax Administration (TIGTA) found several items of concern. TIGTA assessed the security and access controls of the IRS’s Taxpayer Digital Communications Secure File Sharing – Secure Messaging platform. This platform is intended to enable faster communications, including the exchange of documents, between taxpayers and the IRS. […]

FinCEN Renews and Expands Real Estate Targets

The Financial Crimes Enforcement Network (FinCEN) combats domestic and international money laundering, terrorist financing and other crimes. It’s renewing and expanding its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the persons behind shell companies used in all-cash purchases of residential real estate. Specifically, FinCEN is expanding the coverage of the […]

IRS will now allow 403(b) retirement plans to use determination letter program

The IRS is expanding its determination letter program that approves certain retirement plans. Under Revenue Procedure 2022-40, 403(b) retirement plans can now use the same individually designed retirement plan determination letter program that’s currently being used by other qualified retirement plans, such as 401(k) plans. 403(b) retirement plans generally are used by public schools, churches […]

Advisory Committee on Racial Equity

The U.S. Treasury Dept. recently formed a 25-member racial equity advisory committee. Among its goals are to “advance racial equity in the economy and address acute disparities for communities of color,” according to a statement. “Our current tax structures keep resources where they are and perpetuate the under-resourcing of certain communities,” one committee member said. […]

IRS Criminal Investigation annual report

IRS Criminal Investigation (IRS-CI) conducted many successful enforcement actions in fiscal 2022. In one case, a married couple carried out a billion-dollar fraud scheme through a solar energy firm. With fake financial and engineering reports, the couple duped investors out of money that was used to fund their lavish lifestyle. Among other endeavors, the couple […]