IRS providing broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic with $1.2 billion in penalties being refunded to 1.6 million taxpayers. On August 24, 2022 the Internal Revenue Service issued Notice 2022-36, 2021-15 I.R.B. 986 to help...
The bill as proposed by Senators Schumer and Manchin includes funding the IRS an extra $45.6 billion to audit the middle class. In total under the Inflation Reduction Act the IRS would be receiving $80 billion in new funding. Democrats claim this “investment” will...
The IRS announced on August 2, 2022 that storm victims in parts of Kentucky now have until November 15, 2022 to file various individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency...
In recognition of recent gasoline price increases, the IRS announced an increase in the optional standard mileage rate for the final 6 months of 2022. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents...
Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them. IRS Tax Relief Details The IRS usually announces tax relief to any...
Most people with gross income of $12,550 or more must file a federal tax return. Some people with a lower income are not required to file. However, these individuals should still consider filing for a refund of federal income tax withheld. They may also be eligible...
It is still not too late to claim the Child Tax Credit for 2021. Families who don’t owe taxes to the IRS can still file their 2021 tax return and claim the Child Tax Credit for the 2021 tax year at any point until April 15, 2025, without any penalty. This year also...
Your “hobby business” could land you in Tax Court – avoid IRS pitfalls by how you structure your small business. A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention...
Conspiracy Allegedly Involved Sale of Over $1.3 Billion in Fraudulent Tax Deductions The U.S. Justice Department (“DOJ”) announced on March 1, 2022 that a federal grand jury sitting in Atlanta, Georgia, returned a superseding indictment on February 24, 2022 charging...
Recently, the U.S. Justice Department (“DOJ”) successfully secured injunctions from U.S Federal District Court for the Eastern District of New York barring Keith Sang, Kashana Sang, Tareek Lewis, Kimberly Brown and their business K&L Accounting Inc. from preparing...
