In the IRS IR-2024-174, the IRS announced that is mailing out a limited time settlement offer for taxpayers that participated in Syndicated Conservation Easement. How does the Syndicated Conservation Easement work? This is an overvalued conservation easement that is claimed as charitable contributions that promoters will target to high income taxpayers. The target will invest
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 the Fact Sheet 2024-21 Basis shifting, the IRS detailed the guidance to avoid abusive basis shifting by related-party partnership members, such as transfers, distributions or liquidations. This is part of a broader targeted effort against partnerships and high income taxpayers. For the basis shifting, the IRS described the abuse as a evasion of taxes
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
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
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
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
