W-2G Threshold Revisited (Again)
The push to increase the W-2G threshold for slot machines has seemingly become an annual occurrence. The legislation introduced last year
Security Breaches: What to Know About Your Sensitive Data
A congressional report released earlier this summer confirmed H&R Block, TaxAct and TaxSlayer shared sensitive taxpayer data with Meta and Google.
IRS v. “Professional” Video Poker Players
The U.S. Tax Court recently released a ruling against a Nevada couple, claiming the substantiation they provided was insufficient to deem
IRS Processing Times Improve; Automated Notices Returning
Six months ago, the IRS was facing record-long processing times and it was nearly impossible to speak to an IRS representative on the phone.
Favorable FBAR Ruling For Gamblers
Earlier this year, I touched upon the Bittner case, which addressed the maximum penalty for non-willfully filing FBARs. Is it $10,000 per year?
2023 Filing Season Updates
As the 2023 filing season gets into full swing, let’s discuss a few updates from the IRS:
IRS Expands Installment Agreement Options
If you are unable to pay the balance of tax owed when filing your tax return, the IRS provides a number of payment options.
2022 IRS Audit Rate and 2023 IRS Outlook
Last week we covered the current state of the IRS and the improved tax return backlog. We now have additional insights into those tax returns filed in 2022.
Current State of the IRS
How long will it take for the IRS to process my tax return? This is something I hear almost daily. While the answer is, almost always, it depends,
Updated Mileage Rates and Other 2023 Considerations
The IRS released the standard mileage rates for the 2023 tax year:
2023 Retirement Account Changes: SECURE 2.0
On Thursday, President Biden signed into law the SECURE 2.0 Act of 2022. Overall, this plan contains a ton of advantages for retirement savings, including
IRS Delays Updated 1099-K Reporting
The IRS (rightly) decided to delay the new 1099-K reporting requirements for Third Party Settlement Organizations (such as Paypal, Venmo and CashApp).
2022 Tax Expectations
The 2022 filing season has yet to begin, but I have already tempered the expectations of a number of clients during the year-end planning process.
IRS Cracks Down on Line-Blocking Calls
If you have tried to contact the IRS recently, then you know how difficult it is to speak to an agent on the phone. A majority of callers will hear the dreaded “due
"Where's My Refund" Tool Updated
The IRS updated the “Where’s My Refund” tool to allow taxpayers to view the status of their refund from the prior three years. Before this change, it was
IRS Unveils Advanced AI Bots to Reduce Wait Times
The IRS has used automated messages and instructions to manage the call volume from taxpayers and tax professionals for quite some time.
IRS Processing Times Are Frustrating...
If you have tried to contact the IRS recently, you are probably aware of the challenges of resolving an outstanding issue. Due to lack of funding,