IRS News
How IRS Can Tax ‘Gifts’ and Impose Big Penalties
Is a gift always really a gift, free of tax consequences? A gift from your employer might be a taxable bonus. And while family gifts are safer, what about a gift from a foreign person? The IRS has strict reporting rules for gifts over $100k, and penalties are steep.
forbes.com
Tax Day 2022: IRS website experiences major slowdown
The Internal Revenue Service's website experienced problems on Monday, the tax filing deadline, leaving many taxpayers frustrated.
foxbusiness.com
NTA Blog: An Overloaded IRS Stops Certain Automated Notices, But Taxpayers Still Need to File Federal Tax Returns and Pay Outstanding Taxes - TAS
OVERLOADED IRS STOPS CERTAIN AUTOMATED NOTICES, BUT TAXPAYERS STILL NEED TO FILE FEDERAL TAX RETURNS AND PAY OUTSTANDING TAXES
In the latest NTA BLOG, National Taxpayer Advocate Erin M. Collins breaks down critical information taxpayers and tax practitioners need to know about the IRS’s recent decision to suspend some automated collection notices.
“We commend the IRS for suspending automated collection notices normally issued when a taxpayer owes additional tax and when the IRS has no record of a taxpayer filing a tax return,” says Collins. “This is a big relief for millions of taxpayers who may have received these notices while still waiting for the IRS to process their returns or address correspondence. Remember that interest and penalties will continue to mount, even if the IRS is not sending subsequent notices reminding taxpayers of their balances.”
The NTA encourages taxpayers to access or establish an online account with the IRS to view current balances and make payments.
The blog also cautions that despite the IRS stopping certain collection notices case-specific enforcement work will continue. This means some taxpayers may: • Receive a Notice of Federal Tax Lien; • Receive a Notice of Intent to Levy; • Have a certain property levied; and • Have their overpayments, including refundable tax credits, offset outstanding tax liabilities. Information is also provided about how taxpayers can seek relief from levies and refund offsets. Read the full NTA Blog for more important details.
The Taxpayer Advocate Service invites you to share this vital tax information with your audience.
irs.gov
News
Americans could do taxes for free in just minutes — like other countries — but the IRS has been 'starved' of resources, the Treasury says
The IRS is severely underfunded. Workers open paper returns by hand, causing year-long delays. Meanwhile, some Swedes can file via text message.
businessinsider.com
A look at the capital gains tax and how it can affect your investment earnings
Select discusses capital losses and the difference between short- and long-term capital gains tax.
cnbc.com
Leverage Your Marketing Skills to Recruit Your Next Star Employee
You have an open position, and you’re looking to recruit and retain the best person for the job. But how do you accomplish this when you’re not in the recruiting business?
thedailycpa.com
IRS scam calls: Fake vs. real IRS contact
Millions of Americans fall victim to identity theft every year. It can be years before information exposed in a breach is used by criminals. Here are a few signs to look for.
norton.com