2024 Tax Season has begun

The Internal Revenue Service (IRS) has successfully inaugurated the beginning of the 2024 tax season, accepting and processing federal individual tax returns on January 29th. This initiative is aligned with the agency's ongoing commitment to...

IRS Unveils Tax Reforms: Chasing Taxes, AI Audits, and Accountability for Tax Practices

In the pursuit of fair tax practices, the IRS is proactively addressing tax-related concerns among large corporate entities, partnerships, and high-income individuals. Historically constrained by budget cuts, the IRS is now implementing robust...

How to Apply for the IRS Fresh Start Program

The IRS Fresh Start Program was created in 2011 to help taxpayers who are struggling to pay their taxes. If you are one of those people, then you may be wondering how to apply for the program. In this article, we will walk you through the steps that...

IRS Expands Enforcement Efforts on High-Income Individuals and Corporations

The Internal Revenue Service (IRS) shared on January 12, 2024 that it's making strides in expanding enforcement efforts targeting high-income individuals, large corporations, and complex partnerships. This is part of the agency's broader initiative...

Understanding Tax Penalties and Interest: What Taxpayers Should Know

Taxpayers who fail to file their taxes on time might face a failure-to-file penalty. Typically, this penalty amounts to 5 percent of the unpaid tax for each month or part of a month that the tax return remains overdue, reaching a maximum of 25...

IRS Resumes Sending Collection Notices After Pandemic Pause

Starting this January, the IRS gears up to send automated collection notices and letters to individuals with tax debts predating 2022 and to businesses, tax-exempt organizations, trusts, and estates with debts before 2023. There are exceptions...

IRS Rolls Out COVID-19 Penalty Relief, Aiding Millions with Back Taxes

The IRS has made a big move to help folks dealing with overdue taxes, announcing fresh penalty relief for around 4.7 million individuals, businesses, and tax-exempt groups who missed automated collection reminder notices during the pandemic.

This...

Tax Prep 2023: Your Ultimate Guide to a Smooth Filing Season

  • The IRS is nudging taxpayers to start prepping for their 2023 federal income tax return. In a series of reminders, they're laying out steps to ease the filing process come 2024. Here's the scoop on what's fresh and what to ponder before filing next...

IRS Ramps Up Efforts Against Aggressive Employee Retention Credit Claims

In a concerted effort to address questionable Employee Retention Credit (ERC) claims, the Internal Revenue Service (IRS) has sent over 20,000 letters to taxpayers, informing them of disallowed ERC claims. These notifications pertain to entities that...

A new way to Shield An extra $1,000 !

Hey, guess what? The IRS just tossed in a sweet bonus for folks who hate dealing with taxes on their investments! Now you can shield an extra grand while prepping for retirement.Next year's 401(k) limit got a boost—up by 500 bucks, landing at...

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