FICPA News
2022 Disaster Preparedness Sales Tax Holiday May 28, 2022 Through June 10, 2022
The 2022 Disaster Preparedness Sales Tax Holiday begins on Saturday, May 28, 2022, and ends on Friday, June 10, 2022. During the sales tax holiday period, tax is not due on the retail sale of eligible items related to disaster preparedness. The sales tax holiday does not apply to: • Commercial purchases of eligible pet evacuation supplies • Sales within a theme park, entertainment complex, public lodging establishment or airport • The rental or repair of any of the qualifying items listed below
floridarevenue.com
IRS News
Just 2% of the richest Americans had their taxes audited in 2019, down from 16% in 2010
The main reason for the decline in the audit rate is a lack of IRS funding, according to a GAO report.
cnbc.com
IRS insists destruction of 30 million files of taxpayer data won't affect payers
Filers won't be affected by the IRS decision to destroy 30 million so-called paper information returns, the agency said.
cnbc.com
IRS updates feature on Where’s My Refund? | Internal Revenue Service
The Internal Revenue Service made an important enhancement to the Where’s My Refund? online tool this week, introducing a new feature that allows taxpayers to check the status of their current tax year and two previous years’ refunds.
irs.gov
National Taxpayer Advocate
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
Tax News
Battered Bitcoin Bulls Can Find Hope In This Price Chart
Since my last update about bitcoin's three-day chart showing a similar price structure to that seen ahead of the deeper bear market slide of November 2018, bitcoin has continued to defend the July 2021 low of $28,800 hit on the Nasdaq-listed Coinbase exchange. However, things may be looking up.
forbes.com
Help your business clients adjust for inflation
Businesses may be struggling to maintain their ever-increasing operational costs and maximize profits.
accountingtoday.com