IRS Halts Processing of New Claims for Employee Retention Credit to Combat Fraudulent Activities
The IRS has halted processing new claims for the Employee Retention Credit (ERC) until year end due to concerns over increasing ineligible and fraudulent claims. Businesses should seek guidance from trusted tax professionals and review IRS resources to determine their eligibility for the credit.
The IRS Announced New Interest Rates
The IRS has announced new interest rates, effective October 1, 2023, with rates for overpayments and underpayments increasing to 8% per year, compounded daily.
The IRS is taking action against collectives that profit from the use of an individual's NIL
The IRS has issued a memo stating that donations to NIL collectives may be subject to federal taxation as they primarily serve the private interests of student-athletes. Student-athletes engaging in NIL activities should consider the tax implications of the IRS decision.
The Name that Goes First on the Tax Return Can Reveal a lot About the Taxpayers’ Beliefs and Attitudes
When couples file their taxes, the decision of whose name goes first can reveal a lot about their beliefs and attitudes, according to a recent study. While some couples may be shifting their ways, the IRS discourages changing the order of names on a joint tax return.
The High Cost of Tax Protest: One Man's $200,000 Lesson
An account of the exorbitant price that one individual had to pay as a result of protesting against taxes, amounting to a staggering sum of $200,000.
A tax protester is someone who refuses to pay a tax claiming that the tax laws are unconstitutional or otherwise invalid. So, if you're thinking about becoming a tax protester, be warned: you're likely to lose, and you could end up paying a hefty fine.
IRS Announces End to Unannounced Visits by Revenue Officers
The Internal Revenue Service (IRS) has announced that it will end most unannounced visits by revenue officers to taxpayers. This change is effective immediately and will apply to all taxpayers, regardless of their income level. The change is effective immediately.