As a part of the improvements boosted by the Inflation Reduction Act funding, the IRS plans to shift its attention onto high-income earners, partnerships, large corporations, and promoters abusing the nation’s tax laws. The IRS Commissioner Daniel Werfel announced that the agency will allocate new funding to enhance compliance efforts on the wealthy, while middle… Read More
Due to the increasing influx of unlawful claims and the alarming amount of honest small business owners being scammed by unscrupulous actors, the IRS ordered the immediate stop of new Employee Retention Credit processing. The agency stated they are collaborating with the Justice Department to combat fraud in the ERC program, and trained auditors have… Read More
Next week, the IRS will host a free 75-minute webinar to help taxpayers understand the tax-free educational assistance programs and how they can help student loan borrowers. On a recent hearing, IRS commissioner Daniel Werfel remarked on the availability of these programs, that can be offered by employers to help their employees pay their student… Read More
Within June and August 2023, four individuals pleaded guilty and were sentenced to prison due to failure to pay their employment taxes, including one who used funds from his tax obligations for personal expenses. Even though oversight of employment tax can be a common mistake, it may result in a Trust Fund Recovery Penalty by… Read More
The IRS recently announced new tax relief measurements to those individuals and businesses affected by Hurricane Idalia in Florida. Under this relief, all tax filings and tax payment deadlines between August 27th, 2023, and February 14th, 2024 will now be postponed until February 15th, 2024. This postponement includes the extension deadlines to file 2022 tax… Read More
According to recent IRS guidance, State Tax Refunds and certain other payments made by state or local governments will not be considered as income for most taxpayers. This guidance clarifies that taxpayers who choose the standard deduction and receive state tax refunds are exempted from reporting the refund in their federal income tax returns. Moreover,… Read More
A recent analysis compiled by Florida’s Revenue Estimating Conference showed that “the market share of electric vehicles in Florida is expected to increase significantly over the next 10 years”. Although it seems to be very far in the future, some experts analyzed it is important to take action because the tax gas collection is the… Read More
Given the first anniversary of the Inflation Reduction Act funding, IRS Commissioner Danny Werfel remarked on a press call to observe the improvements of the agency during this tax season. Werfel affirmed that thanks to the significant funding boost last year, the agency was able to increase its hiring in order to enhance the taxpayers’… Read More
The Freedom Summer Sales Tax Holiday of Florida is programmed to end on Labor Day next Monday, September 4th. This initiative, passed by the Florida Legislature and signed into law by Gov. Ron DeSantis, was launched as a part of the Framework for Freedom Budget and is estimated to save Florida families nearly $230 million… Read More
The IRS announced an ambitious plan for going paperless in the next few years. Thanks to the IRA funding, the agency is accelerating its paperless processing efforts, ensuring the option of paperless correspondence for those taxpayers who opt-in by filing season 2024. Their goal is to achieve paperless processing digitizing by filing season 2025, meaning… Read More