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Canceled Student Loan Debt In Income Exceptions Released
The IRS has released a list of exceptions for the inclusion of a cancelled student loan debt in income. In the past, if a taxpayer’s student loan been cancelled or […]
IRS Infrastructure Upgrades Aim to Protect Honest Taxpayers
Upgrading the Internal Revenue Service’s antiquated IT infrastructure will help honest taxpayers, especially those making $400,000 or less, from being audited, Department of the Treasury Secretary Janet Yellen said. Speaking September […]
Improperly Forgiven Paycheck Protection Program Loan? The IRS Has News for You!
The IRS recently issued guidance to taxpayers who received forgiveness of their Paycheck Protection Program (‘PPP’) loan inappropriately, encouraging them to take steps towards compliance, including filing amended returns that include […]
Massachusetts Taxpayers to Receive Refund
If you pay taxes in Massachusetts, you may receive an unexpected influx of cash in November. The is because the state received $2.941 billion in excess tax revenue, and Chapter […]
Don’t Fall for New Zelle Scam
Much like Venmo, CashApp and other payment apps, Zelle is an easy way to send money to, and receive money from, friends, colleagues and family members. But when there is […]
Treasury Secretary Wants to Know How IRS Will Spend New Funding
Department of the Treasury Secretary Janet Yellen has requested a detailed plan from the IRS on how it plans to spend to the $80 billion in additional funds that the […]
Beware of Evolving Identity Theft Scams
The IRS and the Security Summit partners are warning tax professionals and those that prepare their own taxes to beware of evolving identity theft scams. Often perpetrated through phishing emails and […]
Tax Implications of the Inflation Reduction Act
On Sunday, August 9, 2022, the Senate passed the Inflation Reduction Act, which is now going to the House where it is expected to pass. While the bill primarily focuses […]
Help for the Connecticut Hospitality Industry
The Connecticut Hospitality Industry Support Program was implemented by the American Rescue Plan Act and allocated $30,000,000 to the Department of Economic and Community Development (DECD). DECD utilized data from the […]
Is that Really the IRS Reaching Out to You?
With phishing and other scams on the rise, the IRS recently released a Fact Sheet to help taxpayers understand how and why agency representatives may contact them and how to […]
Whistleblowers Help IRS Identify Noncompliance
Each year, the IRS receives thousands of tips from individuals who identify taxpayers who may not be abiding by U.S. tax laws. John Hinman, Director, IRS Whistleblower Office, recently talked […]
BEAT Qualified Derivative Payment Reporting Deferred Until 2025
The IRS has amended the base erosion and anti-abuse tax (BEAT) regulations to defer reporting requirements for qualified derivative payments (QDPs) until the 2025 tax year. What is BEAT? In 2017, […]