Did you know that a staggering 14 million Americans owe back taxes to the IRS? Yeah, you read that right. Fourteen million. If you’re one of them, you’re probably feeling like you’re drowning in a…
The Internal Revenue Service (IRS) is undergoing a digital transformation with its Paperless Processing Initiative, aiming to make tax filing and correspondence entirely digital by 2025. While this initiative promises to streamline the tax filing…
Overview The Internal Revenue Service (IRS) has introduced a unique feature allowing businesses to retract their Employee Retention Credit (ERC) claims. This move aims to protect small enterprises from the pitfalls of aggressive marketing and…
Decoding the IRS Notice of Deficiency and The Deadline Dilemma The world of taxes is complicated, yet imperative to navigate. Let’s delve into the latest shift, specifically regarding the Tax Court petition deadlines – a…
Retirement is a journey that millions of Americans prepare for, with the 401(k) retirement savings plan acting as their vessel. For years, those aged 50 and older have enjoyed the capacity to bolster their retirement…
Just when you thought you were getting a grip on your back taxes, the IRS throws another curveball into the mix. With words like “tsunami” and ”rampant fraud” making headlines, the IRS has announced a…
by Kelly Hanley, Esq. New Targets: IRS Auditors Cracking Down on 1,600 Millionaires and Millions of Dollars in 2023 The Internal Revenue Service (IRS) recently made headlines with its announcement to aggressively pursue 1,600 millionaires…
In a significant move, the Internal Revenue Service (IRS) has announced a shift in its audit focus, targeting large partnerships and high-income taxpayers. This decision comes in the wake of the Inflation Reduction Act funding,…
Hurricane Idalia has left a devastating impact on various parts of the United States, particularly in Florida and South Carolina. As communities grapple with the aftermath, there is a silver lining: tax relief measures have…
Navigating the realm of inherited retirement accounts has always been a complex undertaking. The most recent developments only add to the intricacies. The Internal Revenue Service (IRS) disclosed its decision to delay enforcement of the…