In the IRS Tax Tip 2024-47, it presents the option of reaching out to the Independent Office of Appeals when there is a disagreement with the IRS. Note that this is a relatively informal process where you start with a written letter / petition, then, an officer of Appeals listen to your case (you can
In early January 2024, the IRS updated the post titled Help for Victims of Ponzi Investment Schemes which makes references to the 2009 related guidance. Note that this guidance was released a year after the Bernard Madoff scandal. In a normal case scenario if you have a loss in the value of a security (capital
If you are doing improvement work in your home, you should consider the energy efficient and residential clean energy credits as it might give you back some of the money invested on those improvements. Remember to fill out our tax organizer each year so we are aware of those expenses, or let us know if
Early March 2024, the IRS released their Strategic Operating Plan Update in their IR-2024-130 communication with the following updates: a) Better services: Keep enhancing live assistance in call centers (hopefully lower wait times even in the tax priority line and more experienced IRS phone agents), simplifying up to 200 notices so it might be easier
As published on IR-2024-119 on April 24th, 2024, " The Internal Revenue Service Independent Office of Appeals today announced the formation of a new Alternative Dispute Resolution Program Management Office. This office will collaborate with the IRS Business Operating Divisions to help taxpayers resolve tax disputes earlier and more efficiently." "...For years, the IRS has
The Managing partner Victor Garrido has been recognized as one of the Top 200 CPAs in America in its first edition. As mentioned in Forbes, "CPAs are often called upon to fill the role of separating financial fact from fiction. A reliable CPA is a bodyguard for your accounting. And as with a bodyguard, the
As the interest rates for money market funds are over 5%, the estimated tax penalties that the tax authorities charge if no payment was made when due and other cases is around 8%. To avoid having to pay that extra 8%, then, taxpayers should: Make tax payments when due, especially estimated tax payments Review any
The Federal Trade Commission released a nationwide ban on noncompete agreements on April 23rd, 2024. Note that this new rule is subject to a moratorium of 120 days and we are expecting that this ban will be challenged in court so it could be deemed an invalid ban before being in place in August 2024.
If you are a US citizen or resident alien (i.e. green card holder), then, you are suppose to file taxes with the United States authorities, especially at the Federal level (IRS) even if you do not live in the United States. The United States (and Eritrea, only two countries in the World) taxes its citizens
On April 4th, 2024, the IRS shared that the Federal Communications Commission issued a cease and desist letter to Veriwave Telco as the company was making millions of calls (prerecorded message) regarding a National Tax Relief Program. "... The FCC’s Enforcement Bureau today issued a cease-and-desist letter against Veriwave Telco. The letter ordered Veriwave Telco
