Tag Archives for " failure-to-pay penalties "
IRS Corporate Jet Audits: Increased Scrutiny on Tax Deductions
Under the Radar No MoreThe Internal Revenue Service recently announced a campaign to investigate the use of corporate jets by large businesses and wealthy individuals. Although the announcement was made
Read More2024 Presidential Tax Proposals: Trump vs. Biden
2024 presents the rare circumstance where it appears likely that both the Democratic and Republican candidates for president have already served in that office. We have already witnessed, therefore, 2024
Read MoreMaximize Estate Tax Exemptions Before 2025 Deadline
Act now to utilize estate tax exemptions before they decrease in 2025. Learn how with the right tax planning strategies.Maximize Your Estate Tax Exemptions Before Time Runs OutWith the Tax Cuts and Jobs
Read MoreIRS Targets Nonfilers: Their New Push to Bridge the Tax Gap
Taxpayers beware: the IRS is renewing efforts to address the rising issue of nonfilers, aiming to recover billions in unfiled tax returns."The Growing Challenge of Nonfilers for the IRSThe Internal Revenue
Read MoreThe IRS Delays $600 1099-K Threshold for Another Year
The Internal Revenue Service recently said it would postpone the $600 threshold for reporting transactions on Form 1099-K for the second year in a row, and begin to phase in a threshold of $5,000 starting
Read MoreIRS 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 Launches Huge Tax Enforcement Crackdown Using AI
The Internal Revenue Service (IRS) has announced that thanks to a new funding boost, it's launching a "sweeping, historic" tax enforcement initiative using AI and other cutting-edge technologies to catch
Read MoreIRS Warns of Summertime Tax Scams
The Internal Revenue Service is seeing a surge of summertime tax scams hitting taxpayers via email and text messages touting tax refunds and quick fixes to their tax problems.Many of the email scams make
Read MoreAI and Tax Prep: Practitioners Weigh the Pros and Cons
First came the adding machine, then the calculator and the PC. The laptop turned accounting into a portable profession and the internet opened new horizons for research and marketing. All these innovations,
Read MoreWarning: Watch Out for New IRS Refund Mail Scam
If you receive a cardboard envelope appearing to be from the IRS about an unclaimed tax refund, be cautious. It’s a new scam.There's a new IRS scam to watch out for. Some people are receiving cardboard
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