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 agency received as part of the Inflation Reduction Act. “I would like the IRS to work closely with the Deputy Secretary to identify specific operational […]
Treasury Secretary Wants to Know How IRS Will Spend New Funding Read More »
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 SMS-text, these messages are designed to trick tax payers and preparers into opening embedded links or attachments that infect their computers and can steal personal
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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 on environmental and climate change initiatives and healthcare changes, it also included a number of tax provisions, in part, to pay for the rest of
Tax Implications of the Inflation Reduction Act Read More »
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 Department of Revenue Services (DRS) to identify two groups of recipients that are eligible for a Connecticut Hospitality Industry Support Grant, based on losses incurred
Help for the Connecticut Hospitality Industry Read More »
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 identify them. Generally, the IRS sends a letter or written notice to a taxpayer in advance, however, depending on the situation, IRS employees may first
Is that Really the IRS Reaching Out to You? Read More »
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 about the importance of whistleblower information in identifying noncompliance and reducing the tax gap. But did you know that many whistleblowers receive financial rewards for
Whistleblowers Help IRS Identify Noncompliance Read More »
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, BEAT was passed to discourage U.S. and foreign corporations from dodging tax liability by shifting profits out of the U.S. It basically works as a
BEAT Qualified Derivative Payment Reporting Deferred Until 2025 Read More »
Have you received a balance due notification from the IRS? If so, you may not owe anything after all. The IRS recently admitted that some married couples received erroneous balance due notices for their 2021 returns. Most of these inaccurate notices were sent to couples where the payments were made by the spouse listed as
That Balance Due Notice from IRS May Be Incorrect Read More »
You can’t go anywhere these days without hearing about inflation. In simple terms, it is caused when we have too little supply to meet increased demand for goods and services. And while the U.S. Federal Reserve can’t do much to fix the supply issue, it can help stabilize the economy by raising interest rates to
How Will Higher Interest Rates Impact Small and Mid-Sized Businesses Read More »
Are you a business or non-profit with fewer than 100 full-time employees? You may be eligible for a loan from the new Connecticut Small Business Boost Fund. Announced by the Department of Economic and Community Development (DECD) and in partnership with private lenders, the $150 million loan program was announced on July 25, 2022. Eligible
New Small Business Loan Program in Connecticut Read More »
It is pretty hard to do any of our jobs without the proper technology. This is especially true for the IRS, the agency responsible for collecting taxes which ultimately funds nearly all other federal government agencies. With that in mind, the Department of the Treasury is continuing its push to get funding for much needed information
Treasury Department Aims to Upgrade IRS IT Read More »
If it seems too good to be true, it probably is. This adage rings especially true for tax scams. Recently, the IRS began its “Dirty Dozen“ list for 2022, which includes potentially abusive arrangements that taxpayers should avoid. The tax scams in this series focus on four transactions that are wrongfully promoted and will likely attract additional
2022 Tax Scams Identified by IRS Read More »