IRS News
IRS Audits: 3 Years, 6 Years Or Forever, Which Applies To You?
It pays to know how many years are at risk, and there are steps you can take to hedge. The IRS usually has three years to audit you, but there are many exceptions that give the IRS six years or longer. The three years is doubled to six if you omitted more than 25% of your income.
forbes.com
Small security measures that make a big difference when it comes to online safety | Internal Revenue Service
Cybercrime is a constant concern in the online world which means everyone must be mindful of risks when they share devices, shop online and interact on social media. While this may seem overwhelming, it doesn't have to be.
irs.gov
New online identity verification process for accessing IRS self-help tools | Internal Revenue Service
The IRS recently launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.
irs.gov
Early sunset of the employee retention credit gets penalty relief
The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
journalofaccountancy.com
Most retirees must take required minimum distributions by Dec. 31 | Internal Revenue Service
The IRS today reminded retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by December 31.
irs.gov
NTA Blog: IRS Delays in Processing Amended Tax Returns Are Impacting TAS’s Ability to Assist Taxpayers - Taxpayer Advocate Service
As of October 30, 2021, the IRS had a backlog of over 2.7 million unprocessed amended returns. The IRS is processing these returns in the order received, and the current processing time posted on its operational page is more than 20 weeks. Our cases indicate that the processing time is considerably longer than 20 weeks, and as such, I have made the difficult decision to suspend accepting cases where the sole issue involves the processing of amended returns until the IRS is able to work through its backlog. We are also analyzing the upcoming filing season and expect to issue revised guidance for original filed returns.
irs.gov
News
Prince’s Estate Settles IRS Tax Case
Estates pay 40% federal estate tax, and almost every sizable estate is audited by the IRS. Prince’s estate reported a taxable value of $82 million to the IRS. However, the IRS claimed that the estate’s taxable value was really a whopping $163 million. Now, the IRS and Prince's estate have settled.
forbes.com
IRS issues guidance regarding the retroactive termination of the Employee Retention Credit | Internal Revenue Service
The Internal Revenue Service today issued guidance for employers regarding the retroactive termination of the Employee Retention Credit.
irs.gov
IRS is seeking qualified applicants for the Electronic Tax Administration Advisory Committee | Internal Revenue Service
The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC). The ETAAC is an organized public forum for discussion of issues in electronic tax administration, such as prevention of identity theft and refund fraud.
irs.gov
From The Desk of Keith L. Jones, CPA
Offer in Compromise: How to Settle Your IRS Debt
An IRS Offer allows you to settle your past tax debt for less than the full amount you owe and maybe the right IRS tax resolution for your needs.
keithjonescpa.com