IRS-Criminal Investigation (IRS-CI) has been searching for employers that don't file employment tax forms or make tax deposits. The IRS calls them "Ghost Employers." Read More

The IRS is offering a breather for taxpayers tied to certain specified required minimum distributions (RMDs) for 2024 Read More

Tax season wrapped earlier today for most taxpayers. IRS Commissioner Danny Werfel has already deemed it "one of the best tax seasons the nation has seen in years." Read More

As of April 5, 2024, the IRS had received 101,849,000 tax returns, compared to 101,320,000 returns received as of April 7, 2023, a .5% increase Read More

Nobody likes writing a big check on Tax Day, but there is some good news: April 15 also means specials, freebies, and deals Read More

Our latest edition of Tax Breaks. Plus: A how-to tax guide for college students, reporting crypto gains, Panama Papers go on trial, mastering the Augusta Rule, and more Read More

With the tax deadline looming, the more than 40 million U.S. residents who speak Spanish at home are finally getting some help from the IRS and TurboTax Read More

The files, which came to be known as the Panama Papers, included assets that were allegedly stashed in offshore companies to avoid taxation Read More

The section 280A exclusion, often called the Augusta Rule in a nod to the Masters, can help taxpayers avoid tax on short-term rentals and possibly, save money Read More

College students can face lots of challenges—including filing taxes. Here's what you need to know Read More

The IRS has issued proposed regulations related to a new one percent excise tax on stock repurchases by certain corporations Read More

Former IRS-CI Chief Jim Lee has announced that he was joining Chainalysis as their Global Head of Capacity Building Read More

Our latest edition of Tax Breaks. The courts weigh in on more tax matters, scammers are out in force, ways to save, and more Read More

Tax Day is April 15, 2024. If you’re not ready, an extension might be the answer. By filing for an extension, you’ll have until October 15, 2024, to timely file a return Read More

As of March 8, 2024, the IRS had received 62,761,000 tax returns, about 49% of the expected totals for the year Read More

These scams and schemes put taxpayers, businesses, and the tax professional community at risk of losing money, personal information, and data Read More

A Supreme Court case looks at agreements funded by life insurance to redeem a shareholder’s stock in closely-held businesses after a shareholder's death Read More

Our latest edition of Tax Breaks. Treasury stares down another challenge, home mortgage interest and real estate tax deductions, the latest on ERC claims, and more Read More

A second lawsuit challenging the Corporate Transparency Act (CTA) has been filed—this time, in a Michigan court Read More

Since 2020, IRS-Criminal Investigation (CI) has investigated 1,644 COVID-related tax and money laundering cases potentially totaling $8.9 billion Read More

Some taxpayers believe that any profit on the sale of a home is taxable—that's not true. A home sale exclusion is available to qualifying taxpayers who meet the criteria Read More

The federal government has long had the authority to seize tax refunds and other payments to resolve certain debts Read More

Most taxpayers are familiar with wages at tax time. But investment income, which includes interest, dividends and capital gains, are subject to different rules Read More

Our latest edition of Tax Breaks. The madness of March, tax filing season updates, industry updates, Chief Jim Lee says goodbye, and important dates Read More

Earlier this year, the IRS announced Chief Jim Lee would retire from federal service. Lee began his career in 1995 as a special agent with IRS-CI in Detroit, Michigan Read More

As of March 8, 2024, the IRS had received 62,761,000 tax returns, about 49% of the expected totals for the year Read More

Bookkeeping is, at its most basic, the recording of financial transactions. It includes recording receipts and expenditures, and tracking accounts receivable and payable Read More

A Chief Financial Officer (CFO) can bring a lot to the table, including a price tag that can be financially difficult. A fractional CFO may be the solution Read More

The companies, Biz2Credit, Inc. and Womply, will pay millions to the FTC to settle allegations they falsely promised fast processing of PPP loan applications Read More

Our latest edition of Tax Breaks. Tax season is still slow. Treasury claps back, new tax proposals, IRS Criminal Investigation chooses a new chief, and more Read More

From ISOs to RSUs, employers are thinking about attracting and retaining workers without dipping into cash. That means equity compensation awards are all the rage again Read More

The most recent tax filing data still shows a dip in tax returns received. The IRS received 54,030,000 individual income tax returns as of March 1, 2024, a 1.7% decline from the previous yea… Read More

People who move illicit funds between bank accounts, currencies, and blockchains to avoid detection on behalf of criminals are referred to as money mules Read More

The IRS has announced that Guy Ficco will become the new Criminal Investigation chief on April 1. Ficco will succeed Jim Lee, who announced his retirement in February Read More

Days after the State of the Union address, people are still talking. Former IRS Commissioner Mark Everson noted a glaring omission: no mention of the R&D credit Read More

After a U.S. District Court ruled that the Corporate Transparency Act, or CTA, was unconstitutional, the government is appealing Read More

Our latest edition of Tax Breaks. A ruling on the Corporate Transparency Acts stirs things up, reporting for gifts and inheritances, tax filing season updates and more Read More

Forbes 2024 tax guide provides tips on tax filing, tax rates, tax deadlines and extensions, crypto taxes, the child tax credit, tax refunds and more Read More

The most recent tax filing data from IRS shows a dip in tax returns received compared to the prior year—but the same data shows that the average tax refund is higher Read More

U.S. filing requirements mean you may also need to file tax forms and returns if you’ve bought, inherited, been gifted, or otherwise acquired assets outside of the U.S Read More

Days after a U.S. District Court judge ruled the Corporate Transparency Act unconstitutional, businesses and their advisors are scrambling to figure out what it means Read More

Months after the Corporate Transparency Act—or CTA—went into effect, a federal court has found it unconstitutional Read More

Our latest edition of Tax Breaks. The latest on the government shutdown, the IRS gets serious about non-filers, tax filing season updates and more Read More

The House and Senate have passed another stopgap bill which punts the spending deadlines from March 1 and March 8 to March 8 and March 22, respectively Read More

TaxAct Inc. customers have reached a settlement in a class action lawsuit alleging that the tax preparation company shared confidential taxpayer information Read More

The IRS has announced a new compliance effort. More than 125,000 letters will go out targeting high-income earners who have not filed tax returns Read More

Taxpayers are finally seeing tax refunds edge higher. Refunds received for the week ending Feb. 16, 2024, were 2.1% higher than the same period in 2023 Read More

With less than three days to go, Congress still needs to reach a deal on the budget. It's looking increasingly like that won't happen... again Read More

A prison inmate has been charged in two federal complaints with drug trafficking and COVID-19 fraud. Defendants in California and Maryland are also charged in the schemes Read More

Our latest edition of Tax Breaks. Paying for college and sorting out student loans—plus, a look at some big tax deductions and legislative updates Read More

Local governments have long struggled with universities and other non-profits that use city services, but don't pay real estate taxes. Newark, Del. has a novel solution Read More

A man who pleaded guilty to conspiracy to commit wire fraud and money laundering was sentenced to prison for his role in fraudulently obtaining Covid-relief loans Read More

Committee Chairman Ron Wyden (D-Ore.) released the results of the 18-month investigation, which examined how PPLI policies are promoted to ultra-high-net-worth clients Read More

Audits will be focused on aircrafts used by large corporations, large partnerships and high-income taxpayers with a look at allocation between business and personal use Read More

Early filing data suggests a slow start to the filing season, with a nearly 20% downturn in tax returns received compared to the prior year—tax refunds are also down Read More

The IRS will be closed on Presidents Day, a federal holiday since 1885. But help is still available outside of phone and in-person service through IRS.gov Read More

Ready for retirement? Plus, the truth about IRS audits and writing big tax checks—and updates on recently introduction tax bills Read More

The odds of being selected for an audit are small. Still, some behaviors may attract unwanted attention—a few adjustments may be all you need to avoid the audit pile Read More

The House has rejected legislation that would have doubled the cap on the state and local tax (SALT) deduction—but just for one year Read More

When it comes to Valentine's Day, flowers are big business. To mark the day, here are a dozen fun facts about flowers and money Read More

Traditionally, around two-thirds of taxpayers receive a refund at tax time. An analysis of Google search volume offers a look at those most anxious to receive a refund Read More

Early filing data suggests a slow start to the filing season, with a nearly 20% downturn in tax returns received compared to the prior year—tax refunds are also down Read More

IRS Criminal Investigation (CI) has announced that Chief Jim Lee will retire from federal service, effective April 6, 2024 Read More

Boxer Floyd Mayweather posted about his massive tax check. The size of the check had some questioning whether you could actually write a check that big to the IRS Read More

Another retroactive tax bill could make for a complicated season. FinCEN drops more proposed regulations. Plus, what first-time filers need to know about taxes Read More

The proposed regulations would require the reporting of information about non-financed residential real estate sales to legal entities, trusts, and shell companies Read More

Tax season can be intimidating—especially if you've never filed a tax return. Here's a look at what you need to know Read More

A federal grand jury has indicted a Texas man with filing false tax returns and structuring cash deposits to avoid currency transaction reporting requirements Read More

Late last year, the IRS announced it would delay the new $600 Form 1099-K reporting threshold, but there's still a lot of confusion. In response, the IRS issued FAQs Read More

Republicans in the House have proposed H.R. 7160, the SALT Marriage Penalty Elimination Act, which would double the cap on the state & local tax deduction (SALT) Read More

A Texas man has been sentenced to 41 months in prison for tax evasion as a result of not reporting income he earned while working overseas Read More

A California man has filed suit against the government, alleging that the "intentional disregard" of tax laws cost him big in the stock market Read More

Tax season opened on January 29, 2024, but pending legislation threatens to make the season a bumpy one. Tax Court makes a controversial decision and picks up new judges Read More

Taxpayers may confuse what the child tax credit actually is—and what it isn’t. Here’s a look at similar sounding credits that are sometimes confused with each other Read More

The IRS has warned tax professionals to watch out for filing season email schemes. An Austin-based CPA firm learned firsthand how devastating the consequences can be Read More

Introducing our free tax newsletter, Tax Breaks. Each week, we'll share timely tax tips, need-to-know deadlines, and the latest tax-related news—delivered to your inbox Read More

The House of Representatives passed a tax deal that would restore bonus depreciation, end the Employee Retention Credit early, and expand the Child Tax Credit Read More

The IRS has opened tax season but taxpayers and tax professionals remain anxious about the elephant in the room: a massive tax package with retroactive changes Read More

Charles Littlejohn has been sentenced to five years in prison for disclosing thousands of tax returns—including President Trump’s tax returns—without authorization Read More

The IRS says that it successfully opened the 2024 tax season on Jan. 29, 2024. The agency says taxpayers should experience better service this year Read More

Tax season is just around the corner. Here’s a look at what you need to know as you sort out your tax forms, organize your receipts, and get ready to file in 2024 Read More

As more tech savvy health-related products hit the market, you may be able to mitigate costs with a flexible spending account (FSA) or health savings account (HSA) Read More

According to Werfel, the IRS sends around 170 million notices to individual taxpayers every year. The notices are often not clear. That, he says, needs to change Read More

It's tax time. Here's a look at what you need to know about due dates for your tax forms, including Forms W-2 and 1099, and what to do if you don't receive yours on time Read More

Two tax proposals in Congress are getting attention. One would offer tax breaks for businesses and low-income families. The other would repeal the federal estate tax Read More

A little planning, especially when you know what to look for, can make tax season a lot smoother for business owners. Reviewing your profit and loss statement can help Read More

A recent bipartisan tax proposal would restore bonus depreciation, put an early end to the Employee Retention Credit (ERC), and expand the Child Tax Credit (CTC). Here's a look Read More

Seniors saw a boost in Social Security benefits in 2023. But there's a downside—the increase may result in a higher tax bill this tax season for some taxpayers Read More

Weeks after it opened the platform for beneficial ownership information (BOI) reports, FinCEN has offered more clarity on filing issues Read More

The IRS has announced that IRS Free File is open for business. The IRS starts accepting and processing individual tax returns on Jan. 29, 2024 Read More

An employer will issue a Form W-2 to you if you are an employee. Here's a look at what you need to know about your Form W-2 for the current tax season Read More

As tax season opens, the IRS is touting agency improvements—and citing enforcement efforts, including more than half a billion dollars recovered from millionaires who have not paid tax… Read More

Gray divorces—a term coined by the AARP to describe divorces that occur after age 50—are happening more often. Why does it happen and what can it mean for your finances? Read More

The IRS has announced that tax season will open on Monday, Jan. 29, 2024. The agency will begin accepting paper and electronic tax returns that day Read More

House and Senate leaders have announced a spending deal for government funding in 2024—and the IRS will be impacted Read More

The new year saw gas prices dip in Pennsylvania, but tick up in states like Oregon and Utah. With gas prices on the way down, generally, in 2024, here’s a look at how they might impact… Read More

U.S. Treasury has announced that it is now accepting beneficial ownership information reports. The reports are required under the Corporate Transparency Act Read More

A TikTok influencer claims to have turned in her ex to the IRS for failing to pay taxes. Could that work for you? Read More

Taxpayers and tax professionals alike had a lot to talk about this year. Here's a look at the stories you clicked on in 2023—and links to those you might have missed Read More

The IRS has announced a voluntary disclosure program for businesses who want to pay back the money they received after filing Employee Retention Credit claims in error Read More