Did you owe an estimated tax penalty for 2018 but didn’t claim the waiver? All is not lost. The Internal Revenue Service (IRS) has announced that it is waiving the estimated tax penalty for those eligible taxpayers who filed their 2018 federal income tax returns but did not claim the waiver. The relief is expected to impact…
A federal grand jury has indicted reality television stars Todd and Julie Chrisley on multiple counts of conspiracy, bank fraud, wire fraud, and tax evasion. The Chrisleys’ accountant, Peter Tarantino, has also been indicted on tax-related offenses. The Chrisleys are the stars of the reality television show Chrisley Knows Best. The show follows the Chrisley family, including…
The Internal Revenue Service (IRS) has issued a reminder to taxpayers with significant tax debts: reach out now to avoid losing your passport. On December 4, 2015, the Fixing America’s Surface Transportation Act, or “FAST Act,” became law. Under the FAST Act, the State Department can yank passports from delinquent taxpayers after notification from the IRS that there’s a…
Remember all of the times that the Internal Revenue Service (IRS) reminded you to do a payroll checkup? And remember that you didn’t? The IRS is hoping you’ll reconsider this year. The agency has launched a new Tax Withholding Estimator that they hope will make it easier for everyone to figure the right amount of tax withheld…
Correspondence season is in full swing. That means that the Internal Revenue Service (IRS) is sending out bills and notices to taxpayers, including letters focused on cryptocurrency reporting. It may be hard for taxpayers to tell the real thing from the fakes – and scammers are taking advantage of the confusion. Here’s what you need to know. Many…
My daughter asked for a pair of throwback Nike sneakers this week to match her ringer tees and scrunchies. Not to be outdone, my son wants a DeLorean. It feels like we’re heading back to the 1980s – and apparently, the Internal Revenue Service (IRS) thinks so, too. This week, the IRS introduced a draft…
On Monday, I gave a speech in front of the National Association for Enrolled Agents (NAEA) about challenges in the tax profession. One of the things that I talked about was the importance of following the rules. Today, a district court judge ruled against the Internal Revenue Service (IRS) on just that point: they didn’t…
If you’re on the receiving end of a letter from the Internal Revenue Service (IRS), you’re not alone: it’s correspondence season. And the latest batch of letters to appear in mailboxes may focus on health care. Correspondence season is the term that tax professionals use to describe the period after tax season officially ends. As…
Taxpayers who deal – or even dabble – in virtual currency may be on the receiving end of a letter from the Internal Revenue Service (IRS) this month. The IRS has announced that they have begun sending letters to taxpayers who might have failed to report income and pay the resulting tax from virtual currency transactions or…
The Internal Revenue Service (IRS) Large Business and International division (LB&I) has announced six additional compliance campaigns for taxpayers. A compliance campaign is a targeted directive on a particular issue; they happen when the IRS determines that there are taxpayer issues that require a response from the agency. When the IRS announces a campaign (or campaigns), it’s…