Tax & Money Tips Archives - Page 13 of 28

A Close Up Of The Word Delayed Repeated Multiple Times On A Sign At A Station Or Airport Or Highway

Processing Delays Lead to Pandemic Business Relief Holdups

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

According to the Treasury Inspector General for Tax Administration, some businesses are still waiting for pandemic relief due to ongoing processing delays at the Internal Revenue Service. According to an August 31, 2022, report posted to the TIGTA web site, the IRS “did not begin processing claims for qualified Sick and Family Leave Credits and the Employee Retention […]

Processing Delays Lead to Pandemic Business Relief Holdups Read More »

mini graduation cap on top of a pile of cash

Canceled Student Loan Debt In Income Exceptions Released

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 repaid by someone else, for tax purposes, they had to include the cancelled or repaid loan amount as part of their gross income. However, the

Canceled Student Loan Debt In Income Exceptions Released Read More »

IRS Infrastructure Upgrades Aim to Protect Honest Taxpayers

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 15, 2022, at an IRS facility in New Carrollton, Md., Yellen reiterated that the $80 billion in additional funds allocated to the IRS in the

IRS Infrastructure Upgrades Aim to Protect Honest Taxpayers Read More »

limited depth of field photo. selective focus photo of paycheck protection program borrower application form. paycheck protection program new round.

Improperly Forgiven Paycheck Protection Program Loan? The IRS Has News for You!

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 the forgiven loan amounts, as income. As you probably remember, the PPP loan program was established by the Coronavirus Aid, Relief and Economic Security Act (CARES

Improperly Forgiven Paycheck Protection Program Loan? The IRS Has News for You! Read More »

Tax refund document, pen and dollars on table

Massachusetts Taxpayers to Receive Refund

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 62F requires the excess be returned to taxpayers. An announcement recently added to Mass.gov says, “eligible taxpayers will receive a credit in the form of

Massachusetts Taxpayers to Receive Refund Read More »

Don’t Fall for New Zelle Scam

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 money involved, you can be sure there are people out there looking for ways to get a piece of the action. “Pay Yourself” Scam The

Don’t Fall for New Zelle Scam Read More »

USA Tax Day concept with income tax form and cash on stars and stripes flag

Treasury Secretary Wants to Know How IRS Will Spend New Funding

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 »

Internet identity theft on a digital tablet with reflection of hackers hand concept for online digital crime

Beware of Evolving Identity Theft Scams

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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

Beware of Evolving Identity Theft Scams Read More »

Papers with Inflation Reduction Act and US flag.

Tax Implications of the Inflation Reduction Act

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 »

Two people working behind the counter at a sandwich bar

Help for the Connecticut Hospitality Industry

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 »

Is that Really the IRS Reaching Out to You?

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 »

Whistleblowers Help IRS Identify Noncompliance

Bailey Scarano Blog, Tax & Money Tips / By Bonnie Buol Ruszczyk

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 »