In this episode Joseph Leocata shares details about the current state of the IRS, trends in tax controversy and what to do if you receive an IRS notice.
The introduction and subsequent expansion of the employee retention credit (ERC) offered a valuable lifeline to businesses struggling to preserve jobs and pay workers through the pandemic despite interruptions to normal operations or significant declines in gross revenue. However, over time, the IRS has identified a significant number of schemes perpetrated by criminals to con […]
The best remedy for an audit is to be prepared for one before the audit letter arrives. Tax-planning decisions should never be made based on the likelihood of a potential IRS audit; however, you can set yourself up for success if an audit occurs. Following are 10 tips to help you keep your financial life […]
Significant time has lapsed since Congress introduced new rules for partnership audits under the Bipartisan Budget Act of 2015 (BBA). However, with the benefit of an unprecedented additional $80 billion in funding, the IRS plans to ramp up its enforcement efforts in the years ahead. This will put a growing number of partnerships of all […]
The IRS significantly reduced the backlog of tax returns and other taxpayer correspondence it could not process during the pandemic. Consequently, the agency announced it would soon resume mailing collection notices to affected taxpayers. The agency previously suspended these automatically generated notices in early 2022. According to the IRS, the pandemic and related introductions of […]
Upgrading your home’s energy efficiency can not only help the environment and reduce your electric bills, but it can also provide you with valuable tax credits to cover a portion of qualifying improvement expenses beginning in 2023. Energy Efficient Home Improvement Credits Under the Inflation Reduction Act signed into law in 2022, homeowners may earn […]
The IRS extended until August 15, 2023, various federal tax filing and payment deadlines for individuals and businesses impacted by recent storms, tornadoes and flooding in South Florida’s Broward County. This relief is available to individuals who reside or have a business in a federally declared disaster area or whose records necessary for filing tax […]
The pandemic has spurred a tsunami of entrepreneurial new businesses. According to the U.S. Census Bureau, a record 5.4 million new business applications were filed in 2021, compared to 4.4. million in 2020 compared to 3.5 million before the pandemic in 2019. Whether these ventures will prove successful remains to be seen, but each one […]
With so much attention paid to the impact of the COVID-19 pandemic and the various forms of U.S. government stimulus, international businesses with foreign investors may have missed the passage of a new U.S. law imposing stricter anti-money-laundering compliance procedures for disclosing the identities of their beneficial owners beginning as soon as 2022. On Jan. […]
According to the IRS, the 2019 tax-return filing season has been plagued by a surge in fake emails, text messages, websites and social media posting in which criminals attempt to steal taxpayers’ personal information. To protect themselves and avoid becoming victimized, taxpayers must take some basic security steps, remain cautious and stay alert to recognize […]