After working on an offer in compromise for a married client with over $100k in Federal tax outstanding, we are finally closing an offer in compromise (forms 433-A and 656) that has been discussed with the IRS agent as there are no assets to cover the liabilities and the taxpayers' income is just to cover
The IRS is requesting around $28.9 billion in taxes for the period from 2004 to 2013. The subject is related to transfer pricing issues to shift profits from a higher taxable jurisdiction to a lower taxed one, such as Puerto Rico. Daniel Goff, Microsoft Corporate Vice President, Worldwide Tax and Customs, has wrote a blog
The Federal Trade Commission communicated to five tax preparation companies that they could face penalties of up to $50,120 per violation for the misuse of consumers' confidential data. These preparation tax companies were sharing sensitive information such as finance, marital status, number of children and more and monetizing (getting financial benefit) from the taxpayer /
Earlier this month, the IRS has announced the new targets for their examination efforts. This information is in line with the previous discussion to target wealthy individuals over the $400,000 income threshold that was mentioned by President Joe Biden in the 2022 State of the Union speech, Treasury Secretary Janet Yellen who instructed the IRS
During this month of September 2023, we have read numerous articles on the IRS efforts to use more AI tools (in addition to hire more IRS agents). Over this summer of 2023, we have seen an increase of IRS examinations and notice of deficiencies where either you agree to the change or if you disagree,
As part of the updates applicable to next year, from January 1st, 2024, you must electronically file (e-file) form 8300 if you e-file the other similar returns, such as 1099, w2s, etc. As mentioned in the IRS website, this form is a method to raise money laundering and illicit transactions "The Form 8300, Report of
From January 1st, 2024, any new company (exemptions are listed below) will have 30 days to file their initial Beneficial Ownership information (BOI) report. For the companies already in business before that date, the BOI has to be filed before January 1st, 2025. Also, you should be reporting any changes in the BOI within the
On September 14th, 2023, the IRS released their IRS Newswire IR-2023-169 for the immediate stop to the new Employee Retention Credit as they were flooded with fraudulent claims, or as the IRS wrote "questionable claims". This stop would be at least until the end of the year. This moratorium happened less than ten days after
Yesterday, the Federal Trade Commission FTC released the initial ruling where TurboTax (Intuit) was deceiving customers with the use of "free" tax preparation that required the payment for those services. Also, this initial ruling could be applied to other "free" promotions that are truly not so. As mentioned in CNBC's article, Intuit already had an
A few months back, I was giving a small training for small businesses in LAEDA's office in Camden, New Jersey. While going over my presentation, I try to make it interactive and allow participants to ask questions on the topic being discussed or similar ones (at the end, there is always a Q&A portion for
