IRS Launches Aggressive Pursuit of Wealthy Tax Dodgers: What It Means for You
In a recent announcement, the Internal Revenue Service (IRS) has declared its intent to target 1,600 millionaires and 75 large business partnerships with substantial tax liabilities. These individuals and entities collectively owe hundreds of millions of dollars in back taxes. This bold move comes as part of the IRS’s renewed efforts, fueled by increased federal […]
News: IRS to End Surprise Visits to Homes and Businesses
The Internal Revenue Service announced recently that it will immediately scale back its practice of sending unarmed agents to make surprise visits to homes and businesses. The visits were a core part of the agency’s efforts to collect unpaid taxes for the last few decades. The change came about, in part, due to the prevalence […]
IRS Hires 4,000 As Agency Prepares For Enforcement Push
Don’t get caught unprepared — the IRS enforcement push is right around the corner. According to CNBC, the IRS has hired 4,000 new workers as the agency prepares for the 2023 tax filing season. The agency plans to hire 1,000 more before the end of the year, with most training being complete by Presidents Day. […]
COVID-19 Tax Relief: IRS To Refund $1.2 Billion in Late-Filing Fees For 1.6 Million Taxpayers
On Wednesday, August 24, the IRS announced it will waive penalties for many Americans who late-filed tax returns during the pandemic. Nearly 1.6 million filers will automatically receive a collective $1.2 billion in penalty refunds or credits, according to the federal agency, with many payments expected to arrive by the end of September. The relief […]
Worried About Inflation? Good News – The IRS Is Raising Its Optional Standard Mileage Rate For The Rest Of 2022
On June 9th, the IRS announced an increase in the optional standard mileage rate for the rest of 2022. Due to the effects of inflation and the increase in gas prices across the nation, the standard mileage rate for business travel will now be increased to 62.5 cents per mile traveled, which is 4 cents […]
“A New Era Of Enforcement”: What The IRS Hiring Surge Means For You
Last week, the Washington Post reported that the IRS plans to hire 5,000 new employees in the next month. Along with the implementation of a second “surge team” of reassigned employees and contractors, the move represents the agency’s most aggressive effort yet to address its massive backlog of tax returns and correspondence — a result […]
“Guilty Until Proven Innocent” — Navigating IRS Collections During A Pandemic
You’ve just picked up your mail, and as you’re flipping through the stack of bills and promotional flyers, the little black logo in the top left corner of one envelope catches your eye and sends a pang of anxiety through your chest. The IRS is trying to contact you, and unfortunately, this time, it’s not […]
Lifting the “Black Cloud”: How to Navigate IRS Debt in the Time of COVID-19.
One of my new clients gave me a call last week to talk about his tax debt. As he described his struggles, he expressed something that really resonated with me. “I have years of unfiled tax returns,” he said. “But I’m not receiving anything from the IRS. There’s just a black cloud hanging over me, […]
Everything You Need for the 2020-2021 Tax Season
Tax season is here. But with major paper delays and a giant backlog of unopened returns at the IRS, as well as several COVID-19 stimulus payments to account for, 2021 is set to be another unusual year for taxpayers. Even during “normal” years, taxes are inherently stressful. This tax season could be even harder thanks […]