Category Archives for Tax Services
IRS grants $1B in penalty relief
The IRS has granted about $1 billion in penalty relief to some 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.Most
Read MoreIRS Targets ‘Complex Pass-Through Entities’ Used by High-Income Earners
The IRS announced the establishment of a new division targeting “pass-through” entities, which the agency claims will hold America’s wealthiest tax filers “accountable.”Pass-through entities
Read MoreIRS Targeting Wealthy Citizens in New Compliance Initiatives
In a series of new IRS compliance initiatives, the tax agency has its sights set on high-income, high-wealth entities and individuals. The IRS is, among other issues, going after individuals having over
Read MoreIRS Cracking Down on Illegal Sports Betting
The Internal Revenue Service's Criminal Investigation division is targeting illegal activity tied to sports betting as the pro football season gets underway.Between 2021 and 2023, IRS criminal investigators
Read MoreIRS Will Go After ‘Complex Partnerships’ to Close Tax Loophole
The Internal Revenue Service is planning to address what it calls “large, complex partnerships” in an attempt to go after business entities that avoid paying taxes by abusing a known tax loophole.This
Read MoreIRS Updates Guidance on Handling Special State Tax Payments
The Internal Revenue Service recently issued guidance on how taxpayers should report the special tax payments, refunds and rebates they received from states in recent years as a form of relief during the
Read MoreAn Installment Agreement May Be Your Best Tax Resolution Option
Resolving Tax Challenges: Unlocking Financial Freedom with an Installment Agreement and Tax Problem Solver's Expert TeamFacing tax-related challenges can be a stressful experience, leaving individuals
Read MoreAudits 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 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 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
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