by candy | Jan 13, 2025 | IRS
In 2022, the IRS received $80 billion in multi-year funding under the Inflation Reduction Act (IRA), but $20 billion has since been clawed back. Now that we know the outcome of the November 2024 election, this funding could be further reduced. The IRS’s...
by candy | Dec 16, 2024 | Featured, IRS
The IRS has officially ended the possibility of extending (“stretching”) the distribution of inherited IRAs for most non-eligible beneficiaries. Under the new rules, beneficiaries who inherited IRAs in 2020 or later must transfer all assets from the...
by candy | Dec 9, 2024 | Featured, IRS
As part of the ongoing efforts to protect the senior community, the Internal Revenue Service (IRS) has issued a warning about the increasing threat of impersonation scams targeting older adults. These scams involve fraudsters pretending to be government officials to...
by candy | Dec 2, 2024 | Featured, IRS
The IRS has alerted taxpayers about a new scam involving the purchase of clean energy tax credits. Fraudulent tax return preparers are misrepresenting the rules for claiming these credits under the Inflation Reduction Act (IRA). They are filing returns that improperly...
by candy | Nov 8, 2024 | Business, IRS, Video Blogs
The IRS has identified two new red flags in Employee Retention Credit (ERC) claims: businesses double-dipping on wage claims (like using wages for both the ERC and Paycheck Protection Program forgiveness) and claiming disruptions from mask-wearing as operational...
by candy | Sep 23, 2024 | Featured, IRS
Are you filing your own taxes to save money but paying for software or mailing in paper copies? Did you know the IRS has a free file program available for your use? The Internal Revenue Service recently announced that it will extend its Free File program through...