Hurricane Helene and Milton IRS Relief
On 10/11/24, the IRS announced that it is ready to provide tax assistance for taxpayers affected by Hurricane Helene and Milton that devastated Alabama, Florida, Georgia, North Carolina and South Carolina, and parts of Tennessee and Virginia. Assistance applies to individuals and businesses. IRS the tax-related assistance for taxpayers that need to recover from Hurricane […]
Are Crowdfunding Monies Taxable?
On August 2024, the IRS, for the third time in two years, reminded taxpayers that crowdfunding monies may be taxable. Due to the popularity of crowdfunding monies raised online, the IRS issued News regarding how money raised through crowdfunding may be taxable via its First Notice as a Fact Sheet on March 2022 (FS-2022-20) and […]
IRS Report Card on Inflation Reduction Act
On 8/23/24, the IRS Report Card was released via Notice IR-2024-223 regarding the progress and improvements made possible by the Inflation Reduction Act (“IRA”). The IRS Report Card states that the IRA has made it possible for the “IRS to uncover and address tax evasion shrouded in complexity that requires subject matter expertise and data […]
IRS Use of AI Can Close Tax GAP
On 10/12/23, the IRS announced new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a rise of more than $192 billion from the prior estimates for tax years 2014-2016 and a rise of $138 billion from the revised projections for […]
ERC Voluntary Disclosure Program Re-Opens
On 7/15/24, the IRS announced via Notice IR-2024-212 the re-opening of the ERC (Employee Retention Credit) Voluntary Disclosure Program which will end on 11/22/24. The first ERC Voluntary Disclosure Program ended in March 2024 with more than 2,600 applications from ERC recipients that disclosed $1.09 billion worth of credits. In order to fix incorrect ERC […]
Taxpayers Abroad are Underserved and Challenged
The National Taxpayer Advocate 2023 Annual Report to Congress highlights how Taxpayers abroad are underserved and continue to face challenges in meeting their U.S. tax obligations. As a result, the National Taxpayer Advocate has prioritized compliance challenges for taxpayers abroad in its FY 2025 Objectives Report to Congress. The Taxpayer Advocate Service (TAS) is an […]
AML/CFT FinCEN Proposed Rule
On 6/29/24, FinCEN, in consultation with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration published an AML/CFT proposed rule. The purpose of the AML/CFT FinCEN Proposed Rule is to strengthen and modernize financial institutions’ AML/CFT […]
Mediation with the IRS
On 6/20/24, the IRS issued Tax Tip 2024-59 to alert taxpayers that mediation with the IRS can assist taxpayers to solve their tax issues early and effectively. IRS states that mediation with the IRS can be a more collaborative and cost-effective approach to case resolution. Mediation is also known as Alternative Dispute Resolution and on […]
AI RFI issued by U.S. Treasury
On 6/6/24, the U.S. Treasury issued a Request for Information (RFI) for the uses, opportunities, and risks of Artificial Intelligence (AI) in the Financial Services Sector. The AI RFI presents nineteen questions that are geared towards the U.S. Treasury gaining insights of AI and the financial services sector. Via the AI RFI, the U.S. Treasury […]
IRS Voluntary Disclosure Practice
Taxpayers that have willfully failed to comply with tax or tax-related obligations may be able to resolve their non-compliance and limit their exposure to criminal prosecution by filing an application to the IRS Voluntary Disclosure Practice. The IRS Voluntary Disclosure Practice is a compliance option only available to taxpayers that have willfully failed to comply […]
FinCEN BOI FAQs 6/10/24
On 6/10/24, FinCEN updated its FAQs page to include seven new updates. FinCEN states that it will continue to provide guidance on how to submit beneficial ownership information; including updating the FinCEN BOI FAQs 6/10/24. FinCEN continues to provide further directive and information via the FinCEN BOI FAQs web page. This is why it is […]
IRS Business Audit
IRS is focused on Businesses since the passage of the Inflation Reduction Act. Under the Strategic Operating Plan (funded by the Inflation Reduction Act), the IRS is increasing audit rates, expanding enforcement and targeting non-compliance for business taxpayers. IRS compliance efforts are geared towards having the IRS compliance teams better detect tax cheating, identify emerging […]
