Tag Archives for " failure-to-pay penalties "
IRS 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
Read MoreIRS Developments to Keep an Eye On
Even with tax season over, the Internal Revenue Service is keeping busy — exploring a free filing system, encouraging individuals to take advantage of the Earned Income Tax Credit, issuing $14 billion
Read MoreThe IRS Flags Over 1 Million Tax Returns for Possible Identity Fraud
According to a recent report, the Internal Revenue Service (IRS) has flagged over 1 million 2022 tax returns for additional review over potential identity fraud.The Treasury Inspector General for Tax Administration’s interim
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 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 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 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 More