On July 31st, the IRS issued the new Revenue Ruling 2023-14, formalizing their position concerning the taxation of income earned through the staking of cryptocurrency. As expected by many professionals familiarized with tax principles, the new ruling officially states that staking compensations must be included in a taxpayer’s gross income when they are received and… Read More

Last week congress sustained a hearing about the Employee Retention Tax Credit and all the problems developed from it caused by the fraudulent schemes that promise this benefit to employers who certainly do not qualify. In this hearing, tax professionals and other experts testified in favor of small businesses who, due to their lack of… Read More

This week the IRS notified the end of most unannounced visits to taxpayers, effective immediately. This change arrived as a part of a major policy modification described in the IRS Strategic Operating Plan, that was developed after the recent funding from the Inflation Reduction Act. It pretends to decrease public confusion about these visits, which… Read More

In a new effort to keep taxpayers aware of potential fraud, the IRS warned about the recent wave of scams occurring this summer. Officers from the agency pointed out that these scams may come from many sources like email, text messages, phone calls, or even social media; and they also use a variety of topics… Read More

Last week, the IRS announced that, with the help of the Inflation Reduction Act funding they will be reopening the Taxpayers Assistance Centers that were previously closed. This action is part of the efforts the agency is making to improve its service to taxpayers with the IRS Strategic Operating Plan, which contemplates the use of… Read More

With an increase of only 3% in June, the inflation rate in the U.S. reached its lowest level since 2021. Although this might represent good news for most consumers, the Federal Reserve considers it is still too soon to claim victory. This slowdown of inflation can be recognized in some key items like airfares and… Read More

A new scam scheme has been alerted by the Security Summit, a coalition between the IRS, state tax administrators, and the nation’s tax industry. In this new method, scammers attempt to obtain taxpayers’ sensitive information through a letter that pretends to be concerning an unclaimed refund from the IRS. These letters include fake IRS contact… Read More

Approximately 1.5 million taxpayers will have until Monday, July 17th to complete their filings in order to access the unclaimed refunds of 2019. The amount of unclaimed funds goes up to 1.5 billion dollars, which the agency estimates to be an average of $893 per taxpayer. Moreover, some low-income taxpayers might be eligible for as… Read More

With the summer recess getting closer and the end of the repayment pause already announced, many borrowers anxiously wait for the decision of the Supreme Court over the Student Loan Forgiveness plan proposed by Biden’s administration. The conclusion seems to be delayed by the controversy of whether or not Biden has the power to execute… Read More

Given the unexpected flood of applications and amendments received by the IRS to claim the Employee Retention Credit, the government agency mentions the possibility of imposing a penalty on those businesses that wrongly claimed this benefit. The outbreak of fraudulent “specialists” that wrongfully promoted the ERC, has led to many small businesses being tricked into… Read More