A warning alert by the Internal Revenue Service addresses a new emerging scam involving the purchase of clean energy tax credits. In their recent findings, it appears that there are cases of tax return preparers misrepresenting the rules for claiming clean energy credits under the Inflation Reduction Act (IRA). The transferability provision of the IRS […]
In a world where education expenses keep rising and employers must struggle to attract and retain staff, a Section 127 educational assistance program makes a lot of sense: Workers get the education to help them grow in their careers, and businesses get a well-trained and loyal workforce. The key is knowing how these plans work. […]
As part of the continued outgrowth of the wide-ranging Secure 2.0 Act of 2022, the Internal Revenue Service has provided initial guidance to assist employers with establishing pension-linked emergency savings accounts (PLESAs) to improve on retirement security. These types of accounts are designed to enhance retirement security by reducing retirement plan leakage, offering additional flexibility to workers […]
The Internal Revenue Service has recently published its annual notice, Notice 2023-68, providing the updated 2023-2024 special per diem standard rates which taxpayers can use when substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home (for lodging, meals and incidentals). While some of the special per diem rates are […]
Another day, another scam to be on the lookout for. The IRS recently issued warning notice IR-2023-131 that addresses what to do if any tax-related correspondence is received promising tax refunds or to “fix” tax problems, to be extremely wary and don’t open them. The IRS will never initiate contact with taxpayers by email, text […]
The Internal Revenue Service recently announced that they have postponed the tax filing deadline date to August 15th, 2023 for eligible storm victims in Florida. They are offering this relief to the designated disaster areas declared by the Federal Emergency Management Agency (FEMA) on April 27th, as a result of severe storms, tornadoes and flooding […]
With tax time coming, you will need to ask yourself: Do I itemize my deductions or do I accept the standard deduction? In brief, the standard deduction lets you lower your income by a flat rate. It makes the math easy and you don’t have to work your way through piles of records. However, you […]
The IRS is providing penalty relief to certain taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief also extends to certain domestic and international information return filers. Under Notice 2022-36 released by the IRS, the Internal Revenue Service is providing penalty relief to most individual and business taxpayers who filed their […]
A processing backlog at the Internal Revenue Service (IRS) continues to leave countless taxpayers in the dark about the state of their returns. As of March 4, 2022, the IRS had 7.2 million unprocessed individual returns. This includes 4.2 million unprocessed individual returns, which include tax year 2021 and prior returns with errors and those […]
Tax Filing Deadline Date Changed for 2022 In 2022, it will be a federal holiday changing the traditional tax filing deadline, not the COVID-19 pandemic. Emancipation Day falls on Saturday, April 16th, but the holiday is observed in Washington D.C. on Friday, April 15th. Because April 15th is a federal holiday, the tax filing deadline […]