Tax Alerts

Seniors Warned of Rising Impersonation Scams, IR-2024-164

The IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, to steal sensitive personal information and money. By pretending to be representatives from agencies such as the IRS, Social Security Administration, or Medicare, these scammers contact their victims through phone calls, emails, or text messages, exploiting fear and urgency to deceive seniors. IRS Commissioner Danny Werfel emphasized that combating these scams requires a collective effort from multiple agencies and the broader tax community to effectively reach and protect seniors.

This warning comes as part of the lead-up to World Elder Abuse Awareness Day (WEAAD) on June 15. WEAAD, observed since 2006, aims to raise awareness about the neglect and abuse faced by millions of older adults. The IRS’s long-term efforts to protect against scams, including identity theft, have been ongoing since the establishment of the Security Summit partnership in 2015. Scammers use sophisticated techniques such as caller ID spoofing to create a false sense of legitimacy, often pressuring victims into making immediate payments through unconventional methods like gift cards or wire transfers. These fraudulent actors frequently fabricate urgent scenarios, claiming issues like outstanding debts or promising fictitious prize winnings to coerce their victims.

To help prevent these scams, the IRS has advised individuals to verify the legitimacy of any communications they receive. If an unexpected call or message is received, especially if no prior mail notification has been given, it is likely a scam. The IRS does not initiate contact through email, text, or social media regarding tax bills or refunds. Suspicious contacts should be reported to the Treasury Inspector General for Tax Administration. By staying informed and cautious, seniors can better protect themselves from financial loss and identity theft. The IRS and other federal agencies continue to urge vigilance against these deceitful practices.

FL - Guidance issued on affidavit required to claim exemption for boats sold to nonresident purchasers

Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]

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FL - Guidance issued on affidavit required to claim exemption for boats sold to nonresident purchasers

FL - Storm Extensions Offered

The Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]

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FL - Storm Extensions Offered

FL - Credit for employing individuals with unique abilities discussed

Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]

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FL - Credit for employing individuals with unique abilities discussed

FL - Indexed tax rate on asphalt for 2024-2025 announced

Florida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]

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FL - Indexed tax rate on asphalt for 2024-2025 announced

IRS Tightens Scrutiny on Employee Retention Credit Claims, IR-2024-169

The IRS has announced plans to deny tens of thousands of high-risk Employee Retention Credit (ERC) claims while beginning to process lower-risk claims. The agency’s review has […]

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IRS Tightens Scrutiny on Employee Retention Credit Claims, IR-2024-169

Seniors Warned of Rising Impersonation Scams, IR-2024-164

The IRS has issued a warning about the increasing threat of impersonation scams targeting seniors. These scams involve fraudsters posing as government officials, including IRS agents, […]

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Seniors Warned of Rising Impersonation Scams, IR-2024-164

Clean Hydrogen Credit Inflation Factors and Applicable Amounts for 2023 and 2024 Released, Notice 2024-45

The IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024. For 2023, the inflation adjustment factor is one, so the inflation adjusted applicable amounts are the same as those in Code Sec. 45V(b). Thus, the applicable amounts for a […]

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Clean Hydrogen Credit Inflation Factors and Applicable Amounts for 2023 and 2024 Released, Notice 2024-45

Inflation Adjusted Credit Rate for Carbon Dioxide Sequestration Released, Notice 2024-39

The IRS has released the inflation adjustment factor for the credit for carbn dioxide (CO2) sequestration under Code Sec. 45Q for 2024. The inflation adjustment factor is 1.3877, and the credit is $27.75 per metric ton […]

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Inflation Adjusted Credit Rate for Carbon Dioxide Sequestration Released, Notice 2024-39

United States-Russia Tax Treaty To Be Suspended, Announcement 2024-26

The United States has provided formal notice to the Russian Federation on June 17, 2024, to confirm the suspension of the operation […]

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United States-Russia Tax Treaty To Be Suspended, Announcement 2024-26

IRS Highlights Home Energy Credits for Taxpayers, IR-2024-137

The IRS has advised taxpayers that making specific energy-efficient updates to their homes could qualify them for home energy credits. This guidance comes under the expanded provisions of […]

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IRS Highlights Home Energy Credits for Taxpayers, IR-2024-137