The IRS Is Tackling Tax Evasion With AI
Tax NewsAs the current tax season continues, the Internal Revenue Service (IRS) has ushered in a new era of tax enforcement thanks to the power of artificial intelligence (AI). AI tools have taken nearly every industry by storm recently, and even federal…
Major Tax Sunset on the Horizon
Tax Credits, Tax News, Tax Planning, Tax Tips, TaxesArticle Highlights:
Estate and Gift Tax
Personal Exemptions
Standard Deductions
Home Mortgage Interest Deduction
Limitation on Tax Deductions (SALT)
Suspension of Tier 2 Miscellaneous Itemized Deductions
Suspension of…
E-File Mandate - Reporting of Cash Payments Over $10,000
2024 Taxes, Business, Tax News, Tax Planning, TaxesArticle Highlights:
Reason for Form 8300
E-File Mandate
Waiver
Exemptions
Late Returns
Late Filing Penalties
Record Keeping
E-File
Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form…
IRS Expands Requirement to E-File Information Returns Starting in 2024
Tax News, Tax Reform, Tax Tips, TaxesArticle Highlights:
New Lower threshold for e-filing information returns
Why the e-filing mandate?
What is an Information Return?
Other affected filings
Corrected information returns
Noncompliance Penalties
Waivers
…
Innocent Spouse Tax Relief
Tax News, Tax Planning, Tax Refund, Tax TipsArticle Highlights
Overview
Innocent spouse relief
Separation of liability
Equitable relief
Fairness Facts and Circumstances
Confidentiality
If you are or were married and filed your federal tax return jointly with your…
IRS Alters Audit Focus
Audit, Tax News, Tax PlanningArticle Highlights
Audit Methods
Additional Audit Funding
Taxpayers Earning Less Than $400,000
Earned Income Tax Credit
Taxpayers With Total Positive Income Above $1 Million
Partnerships
Foreign Bank Accounts
Employee…
Many Taxpayers Will See Smaller Refunds This Year
2022 Taxes, Tax News, Tax Refund, Tax Tips, TaxesArticle Highlights:
Child Tax Credit
Dependent Care Benefits
Recovery Rebates
Employee Retention Credit
Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate…
The IRS Achieves a 90% Conviction Rate, or: "Why You Shouldn't Cheat on Your Taxes"
Tax News, Tax Tips, TaxesThere's an old saying that reminds us that there are only two certainties in this life: "death, and taxes." Whoever coined that phrase couldn't have known how true it was, particularly when it comes to the latter portion.
The Internal Revenue…
IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
Tax NewsArticle Highlights:
Mid-year Increase
Items Included in the Optional Mileage Rate
What Can Be Deducted in Addition to the Optional Mileage Rate
Switching Methods
With gas prices soaring it has been expected the IRS would increase…
The Tax-Filing Deadline Is Drawing Near
2021 Due Dates, Tax NewsArticle Highlights:
Extensions
Balance-Due Payments
Contributions to Roth or Traditional IRAs
Individual Refund Claims for the 2018 Tax Year
Missing Information
As a reminder to those who have not yet filed their 2021…