I have written recently that taxpayers need to beware of “too-good-to-be-true” pitches for the Employee Retention Credit (ERC) and that business owners need to be “eyes open” about whether they qualify for the ERC.
Last year, Congress approved $80 billion in new funding for the Internal Revenue Service — but the bipartisan debt ceiling deal would claw some of that money back.
The Internal Revenue Service recently proposed to send notifications to taxpayers and tax professionals when returns are filed about errors and missed credits or deductions, a plan that could have the unintended consequence of hindering taxpayer rights.
The US Supreme Court on Thursday rejected a proposed limit on the IRS’s ability to demand a bank account holder’s records without giving notice as part of an effort to collect on someone else’s delinquent taxes.
The IRS is testing a system that would allow taxpayers to file federal tax returns for free online directly with the agency, with a pilot program launching for some filers next year.
Earlier this month, a group of Senators sent a letter to IRS Commissioner Danny Werfel about the use of AI—artificial intelligence—technology, including ChatGPT, to engage in scams aimed at taxpayers.
Many taxpayers like the notion of a do-it-yourself plan for preparing and filing their tax returns digitally for free through an IRS-run system.
President Joe Biden said over the weekend that debt ceiling negotiations were moving along and that talks between the White House and House Speaker Kevin McCarthy would resume on Tuesday.
The prototype program developed by the federal government could be available for a small group of taxpayers by January
President Joe Biden’s 2024 budget proposals contain several proposals that could hit small businesses right where it hurts — their wallets. Proposals in the budget include boosting the top capital gains rate for income over $1 million, eliminating the so-called “step-up in basis” loophole, expanding who has to pay investment income tax and at what rate, and bumping up the corporate tax rate.