Don’t fall for this scam

The IRS is cautioning taxpayers with pending tax bills to contact them directly and not use unscrupulous tax companies that falsely claim that they can resolve unpaid taxes for pennies on the dollar. Offer in compromise (OIC) “mills” make outlandish claims about how they can settle a person’s tax debt. The reality usually is that […]

LinkedIn fraud alert

FBI says fraud on LinkedIn a ‘significant threat’ to platform and consumers – CNBC https://cnb.cx/3O0afB3

Deadline approaching

An important deadline is rolling up fast for foreign entities that are subject to the Foreign Account Tax Compliance Act (FATCA). Foreign financial institutions and some nonfinancial foreign entities (collectively known as FFIs) have until July 1, 2022, to report assets that were held by U.S. owners as of Dec. 31, 2021. Generally, FATCA requires […]

Seriously delinquent tax debt

Seriously delinquent tax debt (SDTD) is no minor issue and could result in revocation of a passport. An SDTD is a federal tax liability that has been assessed, exceeds $55,000 in 2022 (inflation adjusted), is unpaid, legally enforceable and is subject to a filed lien notice or levy. One taxpayer had SDTD totaling $90,201, incurred […]

Where do homeowners pay the most in property taxes?

Where do homeowners pay the most in property taxes? – The Washington Post https://wapo.st/39u3d8N

Social Security Expansion Act introduced

“It is time to scrap the cap, expand benefits, and fully fund Social Security,” Independent Senator Bernie Sanders stated in a Senate Budget Committee hearing on June 9. With the support of seven Democratic co-sponsors, Sanders introduced the Social Security Expansion Act, which would increase Social Security benefits by $2,400 annually. This increase would be […]

IRS increases Standard Mileage Rate

Good news for those who use a vehicle for business purposes and are frustrated by the sky-high cost of gas! Starting July 1, 2022, the IRS is increasing the standard mileage rate for business use to 62.5 cents (from 58.5 cents for Jan. 1 – June 30, 2022) per mile. The rate for medical use […]

IRS collection and examination functions

The Treasury Inspector General for Tax Administration (TIGTA) recently released an audit (https://bit.ly/3trerBO ) aimed at providing data on activities of the IRS’s collection and examination functions through 2020. According to the audit, in 2020, taxpayers filed 157 million individual and 11.3 million business income tax returns. These filings resulted in $3.5 trillion of total […]

Global Minimum Tax

Treasury Secretary Janet Yellen said Poland is expected to drop its opposition to a global minimum tax on multinational corporations, clearing the way toward finalizing a broader deal on international taxation. The deal, brokered through the Organization for Economic Cooperation and Development (OECD), has been signed by the U.S. and 140 other taxing jurisdictions. A […]

The Trust Fund Recovery Penalty

Employers that withhold taxes from employees but don’t pay them over to the IRS may face harsh penalties. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax. The TFRP can be assessed personally against responsible parties and may include prison time. One taxpayer who operated an ammunition manufacturing and sales business withheld […]