Tag Archives for " failure-to-pay penalties "
Senators 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 MoreIRS Criminal Investigators Probe COVID Fraud
Billions of dollars in fraud related to pandemic relief have been uncovered by a joint division of the Internal Revenue Service's Criminal Investigation unit and the Justice Department. The division, also
Read MoreTax Relief For Victims of Hurricane Ian in Florida
The Internal Revenue Service (IRS) recently announced that individuals, households, and residents who have a business anywhere in the state of Florida qualify for Hurricane Ian tax relief. Here are
Read MoreIRS Sent Erroneous Balance Due Notices to Married Filers
The Internal Revenue Service admitted that some married couples received erroneous or incorrect balance due notices for their 2021 tax returns.The IRS added that no immediate response to the notice or
Read MoreWhat You Should Know About Winning a Lottery Jackpot
It’s definitely not likely you’ll hit big. But if you win, you could be happy for years to come – no matter what the naysayers tell you about winning a lottery.Your Chances of Winning Big are Itty
Read MoreCompanies Worry About Crypto Accounting & Taxes
Businesses that have been investing in cryptocurrencies like Bitcoin and Ethereum are dealing with uncertainty regarding crypto accounting and taxes as the Securities and Exchange Commission and the Internal
Read MoreCybersecurity firm warns of a new threat to tax pros
As tax season comes to a close, researchers at a cybersecurity company are seeing a new type of phishing attack embedded within documents sent via email to tax professionals.Consumers aren’t the
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