Category Archives for AVOIDING TAX PROBLEMS
Audits of the Rich will Gain Greater IRS Scrutiny
Audits of the rich cratered at the start of the pandemic. That's about to change.Armed with an extra $80 billion in funding for the next decade, the Internal Revenue Service is using the bulk of its war
Read MoreSenators Want IRS to Stop AI-Generated Tax Scams
A group of senators on both sides of the aisle is asking the Internal Revenue Service's new commissioner, Daniel Werfel, to warn taxpayers and tax professionals about the emerging threat of tax scams produced
Read MoreThe IRS Targets Certain Taxpayer Assets for Enforcement
The Internal Revenue Service (IRS) said it would increase criminal investigations in the area of digital asset transactions and listed transactions.The federal agency identified certain transactions to
Read MoreTikTok is Spreading Tax Myths
TikTok is spreading tax mythsTikTok is spreading financial misinformation, according to a new report, including five troubling tax myths affecting self-employed workers.According to Paul Koullick, CEO
Read MoreSCOTUS Slashes IRS Penalty Against Taxpayer for Not Reporting Foreign Bank Accounts
The Supreme Court ruled 5–4 in a fractured opinion on Feb. 28 that the IRS imposed an excessive fine on a businessman for failing to report foreign bank accounts, reducing the financial penalty from
Read MoreIRS Targets Gig Workers and Foreign Income Recipients
Taxpayers face consequences for failing to meet certain tax obligations.The Internal Revenue Service (IRS) recently issued a notice to “gig economy” service workers and those who receive a foreign
Read MoreManaging the ERC Misinformation Epidemic
I'm sure you've heard the radio ads telling business owners: "If you were impacted by COVID, you could be entitled to up to $26,000 per employee in refunds from the IRS. Call today! Don't delay!" The breathless
Read MoreAdjust Your 2023 Withholding Now or Get a Surprise Later
The Internal Revenue Service (IRS) has issued an alert to taxpayers, encouraging them to adjust their 2023 withholding so as to either avoid effectively giving the government an interest-free loan of their
Read MoreTax Filers Must Answer New Crypto Question or Face Consequences
The Internal Revenue Service (IRS) issued an alert recently to taxpayers, reminding them that they must report all digital asset-related income and answer a new digital assets question on their 2022 federal
Read MoreTax Prep Checklist: What to Gather Before Filing
Whether you file your taxes yourself or hire a professional accountant, the first step in your tax prep is gathering all the information you’ll need to complete your tax forms.While not exhaustive for
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