On August 15, 2024, the Internal Revenue Service (IRS) announced that it is reopening the Employee Retention Credit (ERC) Voluntary Disclosure Program, effective immediately through November 22, 2024. As IRS Commissioner Danny Werfel explains in the IRS’ News Release, “[t]he limited reopening of the Voluntary Disclosure Program provides an opportunity for […]
Category: Tax information
The Internal Revenue Service (IRS) is continuing to prioritize Employee Retention Credit (ERC) compliance—both through enforcement and through initiatives offering claimants the opportunity to self-correct before their ERC filings trigger scrutiny. On August 15, 2024, the IRS announced that it is reopening its ERC Voluntary Disclosure Program (ERC VDP), and […]
In a recent News Release, the Internal Revenue Service (IRS) announced that it plans to crack down on the abuse of partnership tax “loopholes” over the coming years. As the News Release states: “As part of ongoing efforts to focus more attention on high-income compliance issues, the Internal Revenue Service […]
Failing to file all necessary returns and pay all federal taxes when due can expose U.S. taxpayers to interest and penalties. This includes not only civil penalties but also criminal penalties in some cases. Interest and civil penalties begin to accrue immediately upon noncompliance, while criminal penalties can result from […]
Under the Internal Revenue Code (IRC), interest on unpaid taxes begins to accrue immediately. When taxpayers incur penalties for failure to pay or failure to file, these penalties begin to accrue interest promptly as well. New Underpayment Interest Rates for Federal Taxes and Penalties (Effective January 1, 2023) The Internal […]
The end of 2022 is right around the corner, making this a critical time for individuals and businesses interested in minimizing tax obligations and maximizing refunds. In the coming weeks, there are things you can do that can improve your financial outlook and avoid unfortunate surprises in 2023. Get organized […]
The gig economy is officially in full swing. Even if you have a full-time job, it’s increasingly common to also have a freelance source of income on the side. Any income you receive needs to be reported to the IRS, but with gig work, reporting can sometimes become a bit […]
Every year, you gather together all of your financial documents to file your taxes. Then you probably store them away in a box for a filing cabinet – or digitally on your computer. This process goes on for years. Pretty soon, you have an entire archive of your financial records […]
If you’re a permanent employee, all of the benefits your employer provides may go largely unnoticed. However, if you’ve recently made the transition from being an employee to being your own boss, the safety net you once took for granted is now conspicuously absent. Your employer-sponsored healthcare is out the […]
In his 2003 book “Perfectly Legal” writer and investigative reporter David Cay Johnston delves into the U.S tax laws. His mission was to show how the very rich escape– in a perfectly legal fashion–the paying of taxes. The book raised both eyebrows and concerns. Is the U.S. tax system rigged […]