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31 Oct 2023, 10:00 pm
The US Internal Revenue Service (IRS) has updated the Internal Revenue Manual (IRM) to specify which forms taxpayers can electronically sign and which types of electronic signatures are permitted, now on a permanent basis. [read post]
31 Oct 2023, 10:00 pm
The US Internal Revenue Service (IRS) has updated the Internal Revenue Manual (IRM) to specify which forms taxpayers can electronically sign and which types of electronic signatures are permitted, now on a permanent basis. [read post]
31 Oct 2023, 4:59 am
The Internal Revenue Service (IRS) is targeting businesses (and business owners) that fraudulently claimed the Employee Retention Credit (ERC). [read post]
31 Oct 2023, 4:49 am
On October 19, 2023, the Internal Revenue Service (IRS) announced a process for businesses to withdraw their Employee Retention Credit (ERC) claims. [read post]
30 Oct 2023, 3:30 am by Liz Dunshee
In 2017, a settlement was reached and the Internal Revenue Service was required to issue an apology for its actions. (3) Congress quickly recognized that the Internal Revenue Service was not the only government agency that could question or threaten the tax-exempt status of disfavored political groups. [read post]
23 Oct 2023, 9:00 pm
However, the Internal Revenue Service (IRS) has now placed a moratorium on new ERC claims as it investigates widespread fraud under the program. [read post]
23 Oct 2023, 9:00 pm
On September 14, 2023, the Internal Revenue Service (IRS) announced a moratorium on processing new Employee Retention Credit (ERC) claims. [read post]
22 Oct 2023, 9:59 pm by Cari Rincker
As government-recognized specialists in their field, they are uniquely qualified to perform certain tasks—such as preparing audited or reviewed financial statements, representing taxpayers before the Internal Revenue Service (IRS), and filing reports with the Securities and Exchange Commission—that non-CPAs cannot do. [read post]
21 Oct 2023, 8:34 am by Pete Strom
DiFronzo, who was convicted of illegal profit-seeking schemes like mail fraud, went to the U.S. tax court accusing the Internal Revenue Service (IRS) of thwarting his efforts to include the legal fees he incurred in the fraud case in his tax deductions. [read post]
19 Oct 2023, 2:00 am by Paul Caron
IR-2023-192 (Oct. 17, 2023), Agency Finalizing Direct File Pilot Scope, Details as Work Continues This Fall; EITC, Child Tax Credit Among Projected Provisions Covered: As part of larger transformation efforts underway, the Internal Revenue Service announced today key details about the Direct File pilot for the 2024 filing season with... [read post]
18 Oct 2023, 9:34 am by Jon Brodkin
(credit: Getty Images | Tasos Katopodis ) The Internal Revenue Service yesterday announced details for a pilot of its free filing program for the 2024 tax season. [read post]
18 Oct 2023, 3:32 am by Hardison & Cochran
According to the Internal Revenue Service (IRS), the amount you receive as workers’ compensation for a work-related illness or injury is fully exempt from taxes if paid under a workers’ compensation statute, per IRS Publication 525. [read post]
17 Oct 2023, 7:01 pm by Sabrina I. Pacifici
IRS -“As part of larger transformation efforts underway, the Internal Revenue Service announced today key details about the Direct File pilot for the 2024 filing season with several states planning to join the innovative effort. [read post]
17 Oct 2023, 6:33 am by Lawrence Brown
While the FTX trial has recently been making national headlines, the Internal Revenue Service (IRS), Financial Crimes Enforcement Network (FinCEN), and other federal agencies have been targeting cryptocurrency-related crimes for years. [read post]
17 Oct 2023, 5:52 am
Among several other enforcement priorities, the Internal Revenue Service (IRS) and U.S. [read post]
17 Oct 2023, 5:47 am
Earlier this year, the Internal Revenue Service (IRS) included various forms of abusive trust schemes on its 2023 “Dirty Dozen” list, and it followed this up with the publication of an extensive Abusive Trust Tax Evasion Schemes Toolkit outlining what it considers to be an abusive trust arrangement for federal tax compliance purposes. [read post]
16 Oct 2023, 11:00 pm by Sherica Celine
Section 30D of the Internal Revenue Code was enacted by Section 205(a) of the Energy Improvement and Extension Act of 2008, Division B of Public Law 110-343 (October 3, 2008), to provide a credit for purchasing and placing in service new qualified plug-in electric drive motor vehicles. [read post]
16 Oct 2023, 7:00 am by Mike Habib, EA
When it comes to navigating the complex world of taxes, understanding deductions and credits is like having a secret treasure map to unlock potential savings. [read post]
15 Oct 2023, 2:40 pm by Brian Bernhardt
”        Other taxpayers entitled to relief under Notice 2023-71 whose principal residence or principal place of business is not located in the covered area should call the IRS disaster hotline at (866) 562-5227 to request relief; international callers may call (267) 941-1000. [read post]