This could be another rough tax filing season for the IRS and taxpayers. Although this year’s tax season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still…
The Internal Revenue Service recently launched an updated identity verification and sign-in process that enables more taxpayers to securely access and use IRS online tools and applications. Taxpayers using this new mobile-friendly verification procedure can gain entry to existing IRS…
Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home…
You are not alone. We’ve heard from some clients who are still waiting on refunds from returns filed early in the year. In normal times, unless there is an error, the IRS will issue most tax refunds in less than…
As part of its oversight role, Congress is constantly assessing the economic health of the United States, so hearing from Internal Revenue Service Commissioner Chuck Rettig that the country may be losing up to $1 trillion a year in evaded…
As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding COVID-19 EIDL loans opportunities.
Every year, the majority of taxpayers file their returns with the IRS between by the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed…
If you’re thinking of selling real property that will result in a gain, there are a number of issues that impact the amount of taxes you will owe, and you should be aware of the tax planning steps that can be…
Individuals as well as corporations, partnerships, and trusts that have financial interests in or authority over one or more foreign financial accounts need to report these relationships to the U.S. Treasury, provided that the aggregate value of those accounts exceeds…
The recent tax law changes eliminated the deduction for personal casualty losses for tax years 2018 through 2025, but did retain a deduction for losses within a federally declared disaster area. As a result of the wild fires in the…