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
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
