2023 Tax-Filing Season Sees Increased Use of Filters and Successful Fraud Detection In its ongoing efforts to tackle identity theft and prevent the issuance of fraudulent refunds, the IRS has implemented nearly 70 additional filters for the 2023 tax-filing season.
Biden and McCarthy have agreed to raise the debt ceiling and avoid default and economic uncertainty. President Joe Biden and Speaker of the House Kevin McCarthy have reached an agreement. This will raise the debt ceiling and avoid economic uncertainty.
Potential tax proposals focusing on R&D credits and 1099-K relief for online sellers are underway. House Republicans are getting ready to announce a tax package as the debt ceiling deadline approaches. The package could bring major changes to the tax
Employees to Benefit from Higher HSA Limits for Next Year The IRS has recently released the inflation-adjusted amounts for health savings accounts (HSAs) for the year 2024. The notable outcome from the announcement is that employees will be able to
Navigating the Tax Implications of Your Lucky Break The thought of taxes can quickly dampen the thrill of hitting the jackpot when it comes to gambling winnings. Whether you’ve had a stroke of luck at the casino or a winning
The agency is looking for public input to better serve taxpayers who don’t live near an appeal’s office. The IRS Independent Office of Appeals is looking for ideas on how to provide taxpayers who don’t live near an appeal’s office
Implications for Policyholders and Financial Reorganization Strategies Selling policyholders life settlement were subject to a greater tax burden due to the lower cost basis because proceeds up to the policyholder’s cost basis are not subject to taxation. As record-high inflation
Farhy v. Commissioner Case Paves the Way for Taxpayers to Reclaim Penalties Fees Under new regulations, the IRS can no longer administratively assess penalties for not filing or being late with foreign information forms, such as Forms 5471, 5472, 8865,
Additionally, the IRS has granted taxpayers an extension until July 31, 2023, to file tax returns and make payments. Taxpayers in Indiana who were affected by tornadoes and severe storms on March 31 and April 1, 2023, have been granted
National Taxpayer Advocate Raises Concerns Over Funding Allocation. The Internal Revenue Service (IRS) is a much-maligned agency that has long faced criticism for its poor customer service. However, there are recent reports that the agency is starting to improve, particularly