Tag Archives for " preventing tax debt "
What the $80 Billion in IRS Funding Means for Your Tax Return
Should taxpayers expect more scrutiny from the Internal Revenue Service, a chunk of whose $80 billion in additional IRS funding will pay for more auditors to ferret out tax cheats?Shortage of IRS accountants
Read MoreWhat Is a 1099-K? Who Gets One and How It Works
Simply put, a 1099-K form is a record that a third-party payment network transferred at least $600 to you during the year.Did you get paid more than $600 in 2022 for goods or services through a third-party
Read MoreNow is the Time for Year-End Tax Planning
With only a little while left in 2022…It’s time to review your year-end tax plans.Knowing the federal tax breaks to take advantage of and the pitfalls to avoid can save you money. Let’s start
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 Reduces Backlog, Needs to Extend Penalty Relief
The Internal Revenue Service is making progress on its backlog of unprocessed tax returns, as it's asked by the American Institute of CPAs to extend its recently announced penalty relief through the end
Read MoreThe IRS Exposed 120K People’s Information Online
The IRS mistakenly posted confidential information from approximately 120,000 individuals on its website before discovering the error on Aug. 26 and taking it down.The Internal Revenue Service admits it
Read MoreIs an Army of New IRS Agents Coming for Your Tax Dollars?
The Inflation Reduction Act of 2022 – new multi-billion-dollar energy, healthcare, and tax legislation – provides $80 billion to the IRS and has some people worrying about new IRS agents and audits.President
Read MoreThe IRS Warns Tax Pros of ID Theft Scams
The Internal Revenue Service and its partners are cautioning tax professionals to beware of the latest schemes showing up as ID theft scams to steal taxpayer information through phishing emails.The IRS
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
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