Hunter Biden, the son of President Joe Biden, has agreed to plead guilty to federal criminal tax charges, a court filing revealed. Hunter Biden also has agreed to enter into a so-called pretrial diversion agreement in connection with a charge of possession of a firearm by a person who is a user or addict of […]
Hunter Biden to plead guilty to federal tax crimes, take deal on gun charge Read More »
The employee retention tax credit, worth thousands per employee, was enacted in 2020 to support small businesses during the Covid-19 pandemic. While the credit applies to tax year 2020 or 2021, there’s still time for business owners to amend returns to claim the credit. However, experts warn taxpayers about “ERC mills” promoting the credit to businesses that may
Ask an Advisor The deadline for second-quarter estimated tax payments for 2023 is June 15, which applies to earnings from self-employment, investments, gig economy work, small businesses and more. You can avoid a penalty by paying the lesser of 90% of taxes for 2023 or 100% of 2022 levies if your adjusted gross income is
IRS: Meet this June 15 deadline to ‘avoid a surprise at tax time’ Read More »
Event Videos Specialist small business consulting firms have sprung up to help business owners claim the Employee Retention Credit, a governmental tax incentive intended for companies stressed by the pandemic. The Internal Revenue Service has become skeptical of ERC claims, especially given how easy it has become to file for the credit. Fraudulent claims involving
This lesser-known first-time penalty abatement may waive IRS fees in certain situations, tax pros say. “It’s like a get out of jail free card,” said Rosemary Sereti, managing director of Deloitte Tax. However, there are specific IRS guidelines to qualify for penalty relief. AsiaVision | E+ | Getty Images LAS VEGAS — If you received a tax
Despite improvements, the IRS still has a sizeable backlog of returns, according to National Taxpayer Advocate Erin Collins. After focusing on phone service, the agency is juggling millions of amended returns, filings in suspense and other correspondence. Given these challenges, Collins said, she has concerns about the timing of the IRS’ plans for testing a
IRS still has a sizable backlog of returns despite improvements, taxpayer advocate says Read More »
A tentative deal to raise the debt ceiling limit includes up to $21.4 billion of IRS budget cuts, slashing part of the nearly $80 billion in agency funding. The bipartisan bill rescinds nearly $1.4 billion of the money allocated to the IRS and a separate deal would repurpose $20 billion for fiscal years 2024 and
Proposed debt ceiling deal would cut part of $80 billion IRS funding Read More »
Smart Tax Planning In 2022, the IRS audited 3.8 out of every 1,000 income returns, a rate of 0.38%. Audit rates have dropped for all income brackets between 2010 and 2019. Funding for the agency declined by more than 20%, when adjusted for inflation, during that period. Tax season is upon us, and along with
Here’s why IRS tax audits have declined over the past decade Read More »
Smart Tax Planning The deadline to file a federal tax return is Tuesday, April 18, for most Americans. The IRS had issued about 54 million refunds worth roughly $158 billion as of March 17. Here’s what late filers should know about common mistakes, tax extensions and penalties. Songsak Rohprasit | Moment | Getty Images This
Here are 5 things to know before the April 18 federal tax deadline Read More »
In his new book, “Poverty, by America,” Matthew Desmond says that poverty persists in the U.S. because many Americans and large companies profit from it. “I want to be clear: I’m not calling for redistribution,” Desmond said. “What I’m talking about is less rich aid and more poor aid.” The author also has tips on
