Happy 4th of July!

Happy Birthday, America! “It will be celebrated with pomp and parade, bonfires and illuminations from one end of this continent to the other.” – John Adams Let Freedom Ring. Wishing you a safe and happy 4th of July!

CBO issues deficit report

Slight economic shifts could result in higher-than-expected deficits over the next decade, said the Congressional Budget Office (CBO). The CBO recently issued a report that analyzed variables that could affect the economy through 2032, including productivity growth, gross domestic product, labor force growth, and interest and inflation rates. For example, if productivity growth slowed by […]

Employer offer in compromise process changes

For the IRS to accept an employer’s offer in compromise (OIC) to settle its tax debt for less than the amount it owes, the employer must observe all rules, including a new one. Previously, employers were required to make all federal tax deposits (FTDs) for the quarter submitted and subsequent quarters when making their OICs. […]

An Unusual Tax Court Hobby Loss Opinion

An Unusual Tax Court Hobby Loss Opinion – Forbes https://bit.ly/3R5Js8E

Family Health Insurance

The Kaiser Family Foundation estimates that 5.1 million people are affected by what’s called the “family glitch” in health insurance. Normally, employees whose work-based insurance is unaffordable (more than 9.5% of household income) can qualify for premium tax credits (PTCs). However, if the coverage is unaffordable only when the employee adds family members, the individual […]

IRS Voice Bots now at 100% capacity

The next time you contact the IRS by phone, it’s likely that you’ll end up speaking to a voice bot. The IRS launched “authenticated” voice bots this year, and they’re now operating at 100% capacity. The bots, which are powered by artificial intelligence and currently available in English and Spanish, are an advance from previous, […]

State Tax Changes Taking Effect July 1, 2022

State Tax Changes Taking Effect July 1, 2022 https://bit.ly/3yp9hbl

Asset Seizures

The IRS generally, but not always, complies with legal guidelines when conducting seizures of taxpayers’ property. So found a Treasury Inspector General for Tax Administration (TIGTA) audit. The audit reviewed 74 of the 97 seizures the IRS conducted between July 1, 2020, and June 30, 2021. Before the IRS can seize an asset, an advisor […]

Summertime activities may impact your taxes

Summer is officially here, and for some taxpayers, that might bring new tax implications. Newlyweds should contact several agencies to update their information. Parents who send their dependent kids (under age 13) to summer day camp may be able to deduct it as a work-related expense. Taxpayers who work summer or part-time jobs may not […]

IRS Improvements Needed

Improvement is still needed in many areas at the IRS, according to the U.S. Government Accountability Office (GAO). The GAO provides Congress and federal agencies with non-partisan information that can be used to improve government and save taxpayers money. In a letter to the IRS Commissioner, the GAO noted that since June 2021, only four […]