Entries by Jeff

How the Inflation Reduction Act is Overhauling the IRS into “Beast Mode”

Under the Inflation Reduction Act the IRS is receiving $80 billion in new funding. Speaking at an IRS facility in New Carrollton, Maryland on September 15, 2022, Treasury Secretary Janet Yellen stated that “the Inflation Reduction Act finally provides the funding to transform the IRS into a 21st century agency,” Yellen said.  “While all the improvements […]

Florida Tax Preparer Sentenced To Prison For Criminal Contempt

Tax Preparer Defied Court Injunction Prohibiting the Filing of IRS Returns. A Florida man was sentenced to one year and one day in prison on August 25, 2022 for criminal contempt for continuing to prepare and file tax returns with the IRS in violation of a federal court order barring him from doing so. Tax […]

IRS Announces New COVID Tax Relief!

IRS providing broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic with $1.2 billion in penalties being refunded to 1.6 million taxpayers. On August 24, 2022 the Internal Revenue Service issued Notice 2022-36, 2021-15 I.R.B. 986 to help struggling taxpayers affected by the COVID-19 pandemic providing penalty relief to most people […]

How Missouri Is Faring With Tax Relief And Cannabis Reform

This month the “Show-Me State” is receiving tax relief and will include a referendum this November for Missouri voters to approve adult-use cannabis in Missouri. The IRS announced on August 10, 2022 that flooding victims in parts of Missouri now have until November 15, 2022 to file various individual and business tax returns and make […]

Georgia Allowing An ‘Unborn Child’ To Be Claimed As A Dependent On State Income Taxes

On August 1, 2022 The Georgia Department Of Revenue announced that Georgia residents filing their 2022 tax returns who had fetuses with detectable heartbeats at six weeks of pregnancy can claim a dependent personal exemption in the amount of $3,000.00. The announcement follows the US Supreme Court’s landmark decision overturning Roe v. Wade, eliminating the federal […]

IRS Extends Its Wave Of Tax Relief To Victims Of The July 2022 Kentucky Storm Flooding

The IRS announced on August 2, 2022 that storm victims in parts of Kentucky now have until November 15, 2022 to file various individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, […]

How To Know When You May Be A Target In An IRS Criminal Investigation

A simple mistake, oversight, or your accountant’s malpractice may trigger an IRS criminal investigation. Specifically, unreported income, mismatch of information on a tax return versus third-party reporting information, a false statement, the use of an impermissible accounting or banking service, or declaring too many deductions are things that could initiate an audit, which could then […]