...IRS Crackdown The IRS is now aggressively focusing on these dubious claims: Increased audits of ERC filings. New claim processing paused. Criminal investigations launched against promoters and businesses associated with...
...tax returns. This initiative represents a strategic pivot for the IRS, prioritizing the pursuit of large, unreported income sources to maximize revenue collection. The Internal Revenue Service (IRS) has initiated...
...IRS January 2024 report on the use of the BSA filings is here. The report raises important observations about the IRS’ CI investigative priorities and procedures. Key Considerations and Trends:...
...an entity created by filing a document with a state’s secretary of state. A trust often needs to file with the IRS to get an EIN, but that is a...
...pay, or deposit. The FTA procedure aims to reward taxpayers with a history of tax compliance by granting them relief from the consequences of a one-time error. Beyond domestic taxpayers,...
...underlying tax liabilities involved. RECOMMENDATIONS The National Taxpayer Advocate recommends that the IRS: 1) stop automatic assessment and collection of Chapter 61 IIR penalties prior to considering the taxpayer’s specific...
The IRS released Announcement 2024-4, providing transitional guidance under section 6050I with respect to reporting transactions involving the receipt of digital currency. Generally, when receiving more than $10,000, IRS reporting...
...resident taxpayers. In United States v. Burga, 132 AFTR2d 2023-6551, a California Federal District Court concluded that a widow had become aware of most foreign bank accounts established by her...
The American Institute of CPAs (AICPA) recently sent excellent recommendations to the Internal Revenue Service (IRS) against the IRS’ systemic assessment of penalties for late-filed Forms 3520, Annual Return To...
...investigation. The employer is not under an IRS employment tax examination for the period for which they apply to the Voluntary Disclosure Program. The employer has not received an IRS...
...an exemption from both forms for foreign pensions where deferral of tax on earnings is available under a tax treaty. Many taxpayers struggle with Forms 3520 and 3520-A and file...
...IRS had little advance or no information about questionable tax positions (i.e., unreported foreign accounts), the ERC is a domestic tax benefit involving electronically filed employment tax and income tax...
