Entries by Bitcoin

IRS Announces Penalty Relief for Tax Year 2025 for Information Reporting on Tips & Overtime under the One Big Beautiful Bill Tax Act

On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”).  OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. One of the provisions of the OBBBA […]

IRS Math Error Notices – Why You Need To Respond

If you receive a math error notice from the IRS, it means the agency found a discrepancy on your tax return and automatically corrected it but do not assume that the IRS computers are right.  Instead, you should review the notice carefully and respond within 60 days if you disagree. Common Types of “Math Errors” […]

One Big Beautiful Bill Tax Act – How Can You Benefit?

Focus: Bonus Depreciation On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”).  The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. Prior law Before the […]

How The 2025 Federal Government Shutdown Is Creating Opportunity For Taxpayers With IRS Debt.

At midnight on October 1, 2025, funding for Federal government agencies lapsed triggering a partial shutdown of the federal government. The date when funding will be restored by Congress has not been established but under plans established by each Federal agency, as the lapse in funding continues more Federal government functions will be shutdown. The […]

One Big Beautiful Bill Tax Act – How Can You Benefit?

Focus: Increase In Unified Credit (Estate & Gift Tax) On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”).  The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the […]

IRS To Be Headed By A CEO

Treasury Secretary Bessent Taps Frank Bisignano As “IRS CEO” To Head The Agency On October 6, 2025,U.S. Secretary of the Treasury and Acting Commissioner of the Internal Revenue Service Scott Bessent announced that Commissioner of the Social Security Administration Frank Bisignano will serve as Chief Executive Officer (CEO) of the IRS. In this newly created […]

How The Federal Government’s Shutdown Is Creating Opportunity For Taxpayers With IRS Debt.

At midnight on October 1, 2025, funding for Federal government agencies lapsed triggering a partial shutdown of the federal government. The date when funding will be restored by Congress has not been established but under plans established by each Federal agency, as the lapse in funding continues more Federal government functions will be shutdown. The […]