Category: IRS warnings

IRS warnings

IRS Resumes Automatic Collection Notices, Provides Failure-to-Pay Penalty and Accrued Interest Relief to Some by Angie Adames, CPA

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Posted on February 22, 2024 by Angie Adames

The IRS announced it is resuming mailing automated collections and reminder notices to taxpayers with outstanding tax liabilities from 2021 and earlier, a practice it suspended in 2022. In certain circumstances, the agency will waive failure-to-pay penalties that accrued in tax years 2020 and 2021 during the height of the COVID pandemic. It is estimated […]

IRS Cracks Down on Potentially Abusive Malta Pension Plans by Joseph Leocata, JD, CPA, MBA

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Posted on August 30, 2023 by Joseph Leocata

The IRS’s Criminal Division ramped up its enforcement efforts relating to Maltese pension plans, which gained popularity after the signing of the U.S.-Malta Tax Treaty 2011 and the subsequent enactment of Malta’s Retirement Pension Act of 2011. In recent weeks, the department began issuing summons to U.S. taxpayers who participated in Maltese pension plans and […]

Tax Scams Surge this Summer by Brandon Bowers

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Posted on August 16, 2023 by Brandon Bowers

Tax-related scams cast a dark cloud over this summer’s blue skies, putting taxpayers at increased risk of identity theft and fraud. To avoid falling victim to these scams, individuals should be alert to unsolicited telephone calls, emails and texts asking them to click links or share personal information, such as usernames and passwords, Social Security […]