MIDDLE CLASS WILL SEE ADDITONAL AUDITS

Middle class will see additional audits. According to House Republicans, Americans earning less than $75,000 a year are going to receive nearly 60% of the increased audits that will be performed by the IRS, once they gear up from the increased funding they just received from Congress. The reason for that, is that the IRS […]

DELAYED SCREENING RISKED TAXPAYER DATA

Delayed screening risked taxpayer data. In a report from TIGTA, the Tax Inspector General for Tax Administration, officials found that some IRS new workers in 2020 and in 2021 had access to sensitive information including taxpayer data while preemployment fingerprinting and in-person verification of their identification documents had been deferred because of the COVID_19 pandemic. […]

IRS ANNUAL DIRTY DOZEN TAX SCHEMES

IRS annual dirty dozen tax schemes. The IRS comes out every year with its list of the most prominent tax schemes of the year. Some stay in the list, while other new schemes, concocted by criminal elements, enter the list, and some leave the list as well. This year’s list includes four “bogus tax avoidance […]

IRS HAS SUPERFUND LIST CHANGES

IRS has superfund list changes. In IRS Revenue Procedure 2022-26, the IRS prescribed the exclusive procedures for requesting an addition to, or removal from, the list of chemical substances subject to an excise tax commonly known as the Superfund tax. The Superfund, or as it was formally known, the Hazardous Substances Response Trust Fund, was […]

AFTER AUDIT DECLINE IRS TO AUDIT MORE

After audit decline IRS to audit more. After a long period where the IRS was auditing less, especially against the richest Americans, the trend is finally swinging back to more audits. The reason has to do with ballooning federal budget deficits. The Biden Administration has made it a priority to give the IRS additional funding […]

IRS DESTROYED 30 MILLION PAPER FILINGS

IRS destroyed 30 million paper filings. In a highly controversial move, the IRS destroyed 30 million paper filings. This was a result of the backlog that started when the Covid crisis began. The IRS, along with a large number of other government agencies and companies, shut down operations during the first 7 months of the […]

FAMILY GETS PRISON FOR COVID FRAUD

Family gets prison for Covid fraud. Three members of a San Fernando Valley family have been sentenced two of them in abstentai after they fled justice following their convictions at trial–to years in federal prison for scheming to fraudulently obtain more than $20 million in Paycheck Protection Program and Economic Injury Disaster Loan Covid 19 […]

REPUBLICANS FACE TAX INCREASES

Republicans face tax increases. Opponents of President Biden’s sweeping tax overhaul and planned increase in the tax rate for high income individuals and corporate America, will face large tax increases themselves. And so the question that never is asked, is this a conflict of interest for a sitting member of Congress to vote on a […]

BIDEN SEEKS BILLIONS TO BEEF UP IRS

Biden seeks billions to beef up irs. President Biden is seeking $80 billion to beef up the IRS. This after Congress has already approved of funding last fall to improve customer service and increase agents in the Collection Division of the IRS. Both increases were severely needed as years of underfunding the agency, left the […]

CARES ACT EXTENSIONS AND PROVISIONS

Cares act extensions and provisions. Educator expenses for protective equipment. The bill requires the Treasury to issue regulations or other guidance providing that the cost of personal protective equipment and  other supplies used for the prevention of the spread of COVID-19 is treated as an eligible expense for purposes of Sec. 62(a)(2)(D)(2). Money purchase pension […]