The IRS recently issued a consumer alert warning taxpayers about bad advice circulating on social media about a non-existent “Self-Employment Tax Credit” that’s misleading taxpayers into filing false claims. Promoters and social media are marketing something they describe as the “Self-Employment Tax Credit” as a way for self-employed people and
Identity thieves are on the prowl and taking numerous tactics to steal sensitive information from tax professionals. This includes posing as new clients; using phishing emails to trick people into sharing CAF information as well elaborate schemes involving calling and texting. Tax professionals need to be on the lookout to
Typically, this blog doesn’t report on proposed legislation until it’s actually signed into law, However, three recommendations from the National Taxpayer Advocate’s 2024 Purple Book were incorporated into a recent proposed tax bill. The legislation was introduced in June by Representative Darin LaHood (R-IL). The Tax Administration Simplification Act (HR
The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. These reporting requirements will help taxpayers to file accurate tax returns with respect to digital asset transactions, which are already subject to tax under
In Notice 2024-55, the IRS provides guidance on exceptions to the 10% additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse. Qualifying distributions are includible in gross income but are not subject to the 10% additional tax. This was added
The prevalence of artificial intelligence clearly has a place in today’s society and its use is becoming more widespread in a variety of industries. When it comes to finding answers to complex tax questions, how reliant can tax professionals be? According to National Taxpayer Advocate Erin Collins, customers of major
