News
IRS Needs Congressional Authority To Better Track Cryptocurrencies, Commissioner Says
The agency has faced legal challenges in its latest attempts to better tax cryptocurrency transactions, but Congress seems willing to help.
forbes.com
The Richest Americans Paid Little to Zero Federal Income Tax, Report Finds
The richest 25 Americans pay less in tax — 15.8% of adjusted gross income — than many ordinary workers do, once you include taxes for Social Security and Medicare, the nonprofit investigative journalism organization ProPublica found
nbcwashington.com
Got IRS Problems? Don’t Use “The Kominsky Method” To Solve Them.
Taxpayers who have IRS problems should not follow the example set by the fictional Sandy Kominsky in season one of the Kominsky Method when working to resolve tax problems.
forbes.com
Non-Tax Filer Families Will Soon Be Able to Sign Up for the Enhanced Monthly Child Tax Credit
The IRS is launching two portals, expected in June, that will allow families to sign up for monthly child tax credit payments or update their information.
nbcwashington.com
IRS Is Requesting $32 Million To Strengthen Crypto Tax Enforcement
The IRS Fiscal Year 2022 Budget talks about cryptocurrency and how the service is planning to use in-house technology and outside contractors to reinforce crypto tax compliance. Within the $13.2 billion total 2022 budget, $32 million ($3 million on IT specialist compensation, $6 million on hardware & software and $23 million on contractors) is allocated to reinforce cryptocurrency related enforcement initiatives.
forbes.com
These Are the Dates Families Will Receive the Advanced Child Tax Credit Payments
Families eligible for the advanced child tax credit payments will receive a letter from the IRS soon, the agency said.
nbcwashington.com
From The Desk of Keith L. Jones, CPA
Astonishingly IRS Non Filers Have 10 Years Of Unfiled Taxes.
IRS non filers are taxpayers who does not file their return before the deadline to file the next year’s return & the IRS can press criminal charges against you.
keithjonescpa.com
Biden Targets Crypto Tax Evaders in Global Data-Sharing Pitch
The Biden administration has proposed requiring the collection of data on foreign cryptocurrency investors active in the U.S., aiming to bolster international cooperation to help in a broader crackdown on tax evasion.
bloombergtax.com