Incentives for Pension Participation

Encouraging some employees to participate in work-based tax-advantaged retirement savings plans can be challenging. That’s why the SECURE 2.0 Act enabled employers to offer de minimis financial incentives (such as gift cards that don’t exceed $250) to workers who contribute to 401(k) or 403(b) plans. The IRS is reminding employers that incentives can’t be paid […]

IRS identifies Five ERTC claim red flags

Incorrect ERC? IRS Points to Five New Red Flags – Kiplinger’s Personal Finance https://bit.ly/3MIDuJZ

Do you need to make an estimated tax payment?

IRS: This ‘rule of thumb’ shows who needs to make a third-quarter estimated tax payment by Monday – CNBC https://bit.ly/3AXa6Nd

TIGTA releases audit recommendations on multinational corporations

Prompted by concern over the IRS’s effectiveness in addressing large multinational corporations’ use of potentially abusive foreign tax structures, the Treasury Inspector General for Tax Administration (TIGTA) conducted an audit. While corporate tax planning involves legitimate tax-reducing strategies, some tactics entail the establishment of entities in foreign no-tax or low-tax jurisdictions as a sole means […]

The Low-Income Communities Bonus Tax Credit Program – What is it?

The Low-Income Communities Bonus Tax Credit Program was established under the Inflation Reduction Act to drive clean-energy investments in low-income areas and on Indian lands. It’s seeing “robust demand,” according to the U.S. Dept. of the Treasury. The Sec. 48(e) bonus credit increases the Sec. 48 energy investment tax credit of 30% by 10% or […]

IRS reports on high-income collection activity

The IRS announced that its efforts to collect past-due taxes from certain “high-income, high-wealth” individuals has been fruitful. U.S. Treasury Secretary Janet Yellen stated that, with funds from the Inflation Reduction Act, the IRS has now collected nearly $1.3 billion in past-due taxes. The initial program began in the fall of 2023, collecting more than […]

What is an IP PIN?

Protection is key when guarding your personal and financial information from fraudsters. That’s why the IRS offers a vital tool, the Identity Protection Personal ID Number (IP PIN). The IP PIN is a six-digit number you can apply for voluntarily. It’s known only to you and the IRS. It’s valid for one year and you’ll […]

Results of a Survey Measuring Business Tax Compliance Costs

Results of a Survey Measuring Business Tax Compliance Costs https://bit.ly/3XQFLJv

IRS issues proposed regulations for the clean electricity communities tax credit

In an effort to encourage clean energy investment in certain areas, the Inflation Reduction Act created a clean electricity low-income communities bonus tax credit. The IRS has now issued proposed regulations for claiming it. This credit will be calculated by multiplying the amount of qualified investment made in a facility by an applicable percentage. To […]

TIGTA criticial of the IRS audit plan for taxpayer’s earning less than $400,000

In 2022, the U.S. Treasury Secretary directed the IRS not to use additional resources to audit taxpayers earning less than $400,000 a year. According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS has yet to develop a solid methodology to prevent it from increasing audits on these taxpayers. Although the IRS has […]