No Further Funding Cuts For IRS In FY24
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreThe IRS has an renewed alert to warn businesses against misleading employee retention credit scams. Employee Retention Credit (ERC) is a a refundable tax credit designed specifically for businesses that continued paying employees while shut down due to the COVID-19 pandemic or that had a significant decline in gross receipts during the eligibility periods. The IRS has been issuing warnings about aggressive ERC scams since last year. In light of the rise in these misleading claims, the IRS has increased compliance work and the IRS Criminal Investigation division is working to identify fraud and promoters of fraudulent claims;hence those who improperly claim the credit will face follow-up action from the IRS and they will have to pay it back with penalties and interest.
Taxpayers must watch out for warning signs of aggressive ERC marketing and promoters who lure businesses, tax-exempt groups and others into applying for the credit. Further, the IRS reminded qualified taxpayers to implement steps to protect themselves from making an improper Employee Retention Credit such as, working with a trusted tax professional and most importantly to report ERC abuse by mailing or faxing Form 14242, Report Suspected Abusive Tax Promotions or Preparers to the IRS Lead Development Center in the Office of Promoter Investigations.
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreThe IRS released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforcement […]
Read MoreThe IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]
Read MoreKPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]
Read MoreThe IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who […]
Read MoreReflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during […]
Read MoreThe IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]
Read MoreEffective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
Read MoreFlorida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
Read MoreThe IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]
Read More