Warning: Under the Inflation Reduction Act the IRS Is About to Go “Beast Mode” The bill as proposed by Senators Schumer and Manchin includes funding the IRS an extra $45.6 billion to audit the middle class. In total under the Inflation Reduction Act the IRS would be receiving $80 billion in new funding. Democrats claim […]
Georgia Allowing An ‘Unborn Child’ To Be Claimed As A Dependent On State Income Taxes On August 1, 2022 The Georgia Department Of Revenue announced that Georgia residents filing their 2022 tax returns who had fetuses with detectable heartbeats at six weeks of pregnancy can claim a dependent personal exemption in the amount of $3,000.00. […]
IRS Extends Its Wave Of Tax Relief To Victims Of The July 2022 Kentucky Storm Flooding The IRS announced on August 2, 2022 that storm victims in parts of Kentucky now have until November 15, 2022 to file various individual and business tax returns and make tax payments. The IRS is offering relief to any […]
IRS Putting Final Touches On Its New Data Processing System To Chase Down Tax Cheats Known as the Customer Account Data Engine 2 (“CADE 2”), the IRS touts this is one of the most complex modernization programs in the federal government … and it will be fully in place before you know it. History And […]
How To Know When You May Be A Target In An IRS Criminal Investigation A simple mistake, oversight, or your accountant’s malpractice may trigger an IRS criminal investigation. Specifically, unreported income, mismatch of information on a tax return versus third-party reporting information, a false statement, the use of an impermissible accounting or banking service, or […]
According to a report published by The Iowa Orthopedic Journal, a study conducted by a team of orthopedic specialists affiliated with the State University of New York (SUNY) Downstate Health Sciences University in Brooklyn found that patients with a history of cannabis use are less likely than non-users to experience adverse medical outcomes following thoracolumbar […]
Can You Go To Jail For Not Filing Tax Returns? Beware this can happen to you. A man who did not file tax returns for 8 year in a row pleaded guilty before a Federal District Court Judge to evading his income taxes and now must serve 57 months in jail. As reported by the […]
U.S. Supreme Court To Weigh In On How FBAR Penalties Are Calculated In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even in the course of every routine domestic IRS audit, IRS agents are looking for […]
New Mileage Rates Announced By IRS For Balance Of 2022 In recognition of recent gasoline price increases, the IRS announced an increase in the optional standard mileage rate for the final 6 months of 2022. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, […]
Be Prepared – All Taxpayers Should Plan Ahead For Natural Disasters. Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them. IRS Tax Relief Details The IRS usually announces tax relief to any area designated by […]
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