In the mid year report to Congress (IR-2024-173), National Taxpayer Advocate Erin M. Collins revealed the misleading metrics that the IRS uses to report call service. The IRS accounts for a goal of achieving a Level of Service (LoS) of at least 85%, which was exceeded in 2024 (88%). "... The Treasury Department and the
In the mid year report to Congress, National Taxpayer Advocate Erin M. Collins stated that there are significant delays for victims of identify theft, which subsequent delays on their refunds. As reported in the IR-2024-173, the average time to resolve the identify theft when up from 19 months in 2023 to 22 months in April
In mid June 2024, Victor Garrido attended an IRS conference "Working Together" where the IRS made presentations on several topics. One of the latest pain points shared by the agency was the elevated number of scams and fraud activities conducted through: phone calls to taxpayers, especially elder citizens that might have dementia, Alzheimer, or other
As the IRS is increasing the attention on partnership returns, especially those with higher asset value or more complexity, we should keep into consideration the first results of the partnerships audits subject to Bipartisan Budget Act that are now ending. The Bipartisan Budget Act (BBA) was passed in 2015, but it was effective from 2018.
In the IR-2024-167, the IRS shares the Frequently Asked Questions and general guidance on how the employee's w2 will not reflect any additional compensation for educational assistance programs with benefits of up to $5,250 if there is a section 127 program at your employer. This is an excellent way to have the employer pay for
Dive into the essential 2024 tax updates in this Presidential election year and Beneficial Ownership Interest (BOI) requirements to keep your business compliant and penalty-free! Join our friends at NJ SBDC this next Thursday, June 13th at 12 PM EST for our next event, "Mid-Year Financial Review: Tax Changes & BOI Compliance in 2024", a
As stated in the U.S. Department of the Treasury website, " The IRS sends around 170 million notices to individual taxpayers every year to help them claim the credits and deductions they are eligible for and meet their tax obligations. " In IRS communication IR-2024-155, the IRS reached the milestone of receiving 1 million documents
As reminded in the IRS Tax Tip 2024-54, if your offer in compromise is rejected you have 30 days to request an appeal using Form 13711 - Request for Appeal of Offer in Compromise. In the IRS form, you will have to list the a) disagreed item and b) the reason for the disagreement, plus
Based on numerous reports around three out of four Americans donate to charity on a regular basis. These donations if made to the appropriate organizations, tax-exempt organization by section 501(c)(3) of the Internal revenue code, then, you can deduct in your itemized deductions. You can use the IRS tool for Tax Exempt Organization Search Note
Last week, some of our clients and other tax professionals have been sharing with us some of their notices received from different tax authorities. As we always recommend, please, review it carefully as it might be sent by error as more and more tax departments are relying on a) IT criteria, b) outstanding balance without
