FICPA News
Tax debt from late return is held discharged
A bankruptcy court holds that the taxpayers’ return was an honest and reasonable attempt to comply with the tax law.
journalofaccountancy.com
Line items
IRS blames old tech in destruction of information returns ... IRS audit rates decreased most for wealthy, GAO finds ... Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says ... Inflation boosts HSA amounts for 2023 ... Helping build a better tax system (podcast)
journalofaccountancy.com
IRS News
IRS continues with Dirty Dozen this week, urging taxpayers to continue watching out for pandemic-related scams including theft of benefits and bogus social media posts | Internal Revenue Service
The Internal Revenue Service kicked off the week with the 5th item on its 2022 annual Dirty Dozen scams warning list, with a sad reminder that criminals still use the COVID-19 pandemic to steal people's money and identity with bogus emails, social media posts and unexpected phone calls, among other things.
irs.gov
Claiming a child as a dependent when parents are divorced, separated or live apart | Internal Revenue Service
Parents who are divorced, separated, never married or live apart and who share custody of a child with an ex-spouse or ex-partner need to understand the specific rules about who may be eligible to claim the child for tax purposes. This can make filing taxes easier for both parents and avoid errors that may lead to processing delays or costly tax mistakes.
irs.gov
Tax
Winning ticket for Powerball's $366.7 million jackpot sold in Vermont. Here's the tax bite for the winner
For this jackpot, a required federal tax withholding of 24% would reduce the $208.5 million cash option by about $50 million. More would likely be due, as well.
cnbc.com
Private Agencies No Longer Authorized To Collect IRS Debt For Certain Taxpayer Accounts
The IRS began automatically excluding delinquent accounts whose owners are receiving SSI benefits from assignment to a PCA on Friday, June 24, 2022. On Monday, June 27, 2022 the IRS began recalling previously assigned SSI accounts from their assigned PCA.
forbes.com
Tax News
CEO of $4.8 billion fintech Wise faces investigation over tax breach
The probe could have significant ramifications for Wise and its chief executive.
cnbc.com