Did you invest in a Qualified Opportunity Zone Fund (QOF) in 2021? If so, you may have received, or may still get, a letter from the IRS if you need to take additional actions related to that investment. These letters are sent to taxpayers to inform them that the annual certification of investment standard is […]
Letters Sent to Taxpayers Missing Qualified Opportunity Fund Information Read More »
After 20 years with no increase, educators will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return for tax year 2022. The limit will rise in $50 increments in future years based on inflation adjustments. For 2022, if an eligible educator is married and files
Educator Deduction Increases for 2022 Read More »
IRS Commissioner Charles Rettig told members of the House Committee on Oversight and Reform’s Government Operations Subcommittee that the gap between taxes owed and taxes collected by the Internal Revenue Service could be approaching $1 trillion! (Yes, that is TRILLION with a “T”!) During an April 21, 2022, hearing of the subcommittee, Rettig noted updated tax gap
Tax Gap Close to $1 Trillion Read More »
False info about taxes is not all that uncommon, but recently the IRS addressed the following common myths about refunds: Myth 1: Calling the IRS or visiting an IRS office speeds up a refund. The best way to check the status of a refund is online through the “Where’s My Refund?” tool. Taxpayers can also call
Don’t Fall for These IRS Myths Read More »
Deputy Secretary of the Treasury Wally Adeyemo and IRS Commissioner Charles P. Rettig outlined an aggressive plan to end the backlog. One of the most challenging tax seasons in history, millions of taxpayers are still awaiting the processing of their tax returns and receipt of their refunds. The IRS’s backlog challenges stem from two key sources.
IRS & Treasury Working Hard to End Pandemic Backlog Read More »
It has been well documented that the IRS is understaffed and far behind on processing returns. To help answer some of the easier questions from taxpayers, the IRS has announced that it has begun using voice and chat bots on two of its specialized toll-free telephone assistance lines and IRS.gov. These features are being employed to
Your Next Call to the IRS Could be Answered by a Bot Read More »
Did you drive Uber to make some extra money this year? Or dabble in cryptocurrency? The IRS is reminding taxpayers of reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income, or holding certain foreign assets. Generally, income earned from the gig economy is taxable and must be
Make Sure You Report All Income on Your Returns Read More »
It is well documented that the IRS is understaffed, underfunded, and behind on processing returns. So if you want to know the status of your refund, calling them is not the best, or quickest, route to an answer. The fastest and easiest way to check on tax refunds is by using the “Where’s My Refund?“ tool on
Check Refund Status Online for Quickest Answer Read More »
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2022 as well as the lease inclusion amounts for business vehicles first leased this year. Luxury Passenger Car, SUV, Truck, and Van Depreciation Caps The luxury car depreciation caps for a passenger cars, SUVs, trucks, and vans placed in
Luxury Auto Depreciation Caps & Lease Inclusion Amounts for 2022 Read More »
The Internal Revenue Service is halting its plans for widespread implementation of a system that would have required taxpayers to use facial recognition and authentication to access services on the agency’s website. In a February 7 statement released by the IRS, the agency said “it will transition away from using a third-party service for facial recognition
IRS Backs Off of Facial Recognition Verification Read More »
Hackers and others looking to separate you from your money seem to be working overtime lately. This time of year always brings an uptick on tax-related hacking attempts. Add to that the Ukrainian war, and our natural inclination to help those in need, and you have a perfect storm of fraud attempts. With that in
Beware of Phishing Schemes or Other Scams Read More »
A corporate minimum tax is needed to provide tax relief to the working and middle class, Department of Treasury Secretary Janet Yellen said. “Over the past several decades, the burden of taxation – in the United States and globally – has shifted away from corporations and on the middle class,” Secretary Yellen said January 21 during the
Treasury Secretary Yellen Recommends Corporate Minimum Tax Read More »