2021 AND 2022 IRS LACKED ADEQUATE SERVICE

2021 and 2022 IRS lacked adequate service. According to a report issued by the National Taxpayer Advocate’s Office, in 2021 the IRS only answered 12 percent of all calls made to its offices by the public. The bad news is that in 2022 it is probably going to worse, once that report surfaces. The U.S. […]

IRS TO CHANGE 403 (b) RETIREMENT PLANS

IRS to change 403 (b) retirement plans. In an effort to streamline the regulation that governs how retirement accounts can be used, the IRS has proposed a change for 403 (b) plans–a type of workplace retirement plan used mostly by public and non-profit employees. Employer sponsored plans are powerful retirement tools and boast specific requirements […]

NEW CREDIT DOCUMENTATION REQUIREMENTS

New credit documentation requirements. The IRS has provided guidance to taxpayers and internally on its new documentation requirements for administrative refund claims of the Sec. 41 business tax credit for increasng reserch activitites (the R& D credit). The taxpayer guidance comes in the form of 16 frequently asked questions posted on the IRS’s website. At […]

IRS AMNESTY AND TAX EVASION

IRS Amnesty and Tax Evasion questions are posed to us now and then, along with both business owners and individuals looking for options for dealing with a tax debt. The first thing we usually need to know is, do you have any unfilled tax returns ?  Being in compliance (filling all required tax returns), is […]

IRS WANTS SOME RELIEF CHECKS BACK

IRS wants some relief checks back. The IRS has made some mistakes with the relief check program, and now Uncle Sam is asking for his money back. Ever since the CARES Act passed and promised coronavirus relief payments of up to $1200 per adult to millions of Americans, people have had questions—from who is eligible […]

SETTING COMMUNITIES UP FOR THE SECURE ACT

Setting communities up for the secure act. In December of 2019, the House of Representatives and the Senate passed the Secure Act, which was subsequently sent to President Trump for signature. The final bill was signed on December 20, 2019 which is the official enactment date. The Secure Act made many changes to how you […]

NEW TAX PROFESSIONAL PRACTICE

New tax professional practice. The Internal Revenue Service and its Security Summit partners have achieved much success in combating identity theft (see “Tax Matters: IRS Touts Progress Against Taxpayer Identity Theft issues). However, an area identified by this group as still needing more safeguards is the dissemination of tax transcripts. As the internet becomes a […]

HERE’S A BETTER WAY TO TAX THE RICH

Here’s a better way to tax the rich. Ocasio-Cortez’s recent proposal to create a 70% tax bracket on income over $10 million will not become law anytime soon due to Republican opposition. But the proposal, which would only affect fewer than one in every 1,000 households, has sparked a long overdue discussion about taxing the […]