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Improper Employee Retention Credit claims

Posted by: Zaher Fallahi

Source: IRSThe IRS has seen a high volume of incorrect and improper Employee Retention Credit claims and continues warning taxpayers about them. The ERC, sometimes also called the Employee Retention Tax Credit or ERTC, is a pandemic-related credit for which only certain employers qualify. The credit is not available to individual employees. Scam promoters are luring […]

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Attorney General Merrick B. Garland Delivers Remarks Announcing Binance and CEO Guilty Pleas to Federal Charges in $4B Resolution

Posted by: Zaher Fallahi

Tuesday, November 21, 2023 Share Location Washington, DCUnited States Binance Admits It Engaged in Anti-Money Laundering, Unlicensed Money Transmitting, and Sanctions Violations in Largest Corporate Resolution to Include Criminal Charges for an Executive Remarks as Delivered Good afternoon. I am joined today by Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and CFTC Chairman Russ […]

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Eligible IRA owners may transfer up to $100,000 in tax-free gifts to charity

Posted by: Zaher Fallahi

Source: IRS Tax pros: Remember individual retirement arrangement (IRA) owners age 70½ or older can transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distribution (QCDs), offer eligible older Americans a great way to easily give to charity before the end of the year. And, for those who are at […]

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IRS provides tax inflation adjustments for tax year 2024

Posted by: Zaher Fallahi

IR-2023-208, Nov. 9, 2023 WASHINGTON — The Internal Revenue Service today announced the annual inflation adjustments for more than 60 tax provisions for tax year 2024, including the tax rate schedules and other tax changes. Revenue Procedure 2023-34: New for 2024 Starting in calendar year 2023, the Inflation Reduction Act reinstates the Hazardous Substance Superfund […]

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Streamlined Filing Compliance Procedures for U.S. Taxpayers Residing in the United States Frequently Asked Questions and Answers

Posted by: Zaher Fallahi

Source: IRS Effective for Streamlined Submissions Made On or After July 1, 2014 Q1. Is the 5-percent penalty for Streamlined Domestic Offshore filers intended to reach foreign financial assets in which the taxpayer has no personal financial interest or only a partial interest? No. Read literally, the third paragraph of the description of the scope […]

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Report of Foreign Bank and Financial Accounts (FBAR)

Posted by: Zaher Fallahi

Source: IRS Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement […]

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IRS requests comments on expanding tax certainty and issue resolution programs for business taxpayers

Posted by: Zaher Fallahi

IR-2023-171, Sept. 15, 2023 WASHINGTON — The Internal Revenue Service is requesting comments from taxpayers and advisors about improving and expanding tax certainty and issue resolution options for business taxpayers. The IRS Strategic Operating Plan, under Initiative 2.4, highlights a commitment to enabling taxpayers to resolve potential compliance issues up front, through expanded pre-filing and tax certainty […]

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IRS: Beware of fake charities; check before donating

Posted by: Zaher Fallahi

                  IR-2023-196, Oct. 23, 2023  WASHINGTON —With the tragic crises and natural disasters happening around the globe, many are responding to the call to give what they can to help. The Internal Revenue Service today warned taxpayers to be wary of criminals soliciting donations and falsely posing as legitimate charities. When fake charities scam unsuspecting […]

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IRS announces withdrawal process for Employee Retention Credit claims; special initiative aimed at helping businesses concerned about an ineligible claim amid aggressive marketing, scams

Posted by: Zaher Fallahi

Source: IR-2023-193, Oct. 19, 2023 WASHINGTON — As part of a larger effort to protect small businesses and organizations from scams, the Internal Revenue Service today announced the details of a special withdrawal process to help those who filed an Employee Retention Credit (ERC) claim and are concerned about its accuracy. This new withdrawal option […]

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IRS uses AI to step up audits of large partnerships

Posted by: Zaher Fallahi

Source: IRS The Internal Revenue Service is leveraging artificial intelligence to detect tax evasion as it uses the extra funding from the Inflation Reduction Act to ramp up compliance efforts against large partnerships, corporations and high-income individuals as well as promoters of sophisticated tax-dodging schemes. Initially the agency will be pursuing 1,600 millionaires who owe […]

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