On June 13, 2024, the IRS announced the next testing phase for the FATCA IDES. The FATCA IDES will be open for testing from Monday, July 1, 2024, to Friday, July 26, 2024. The test session will be open to users who have completed IDES enrollment by Wednesday, June 26, 2024. In order to be
IRS
Free Tax Filing for Millions: A Guide to IRS Free File Program
IRS Free File Program Tax season is here and for many Americans, it is a time of stress and anxiety. Filing taxes can be complex and confusing, and the cost of hiring a tax preparer can add to the burden. But what if there was a way to file your taxes for free? Here is
IRS Extends Tax Filing and Tax Payment Deadlines for San Diego County Taxpayers Affected by Severe Storms and Flooding
IRS Extends Tax Filing and Tax Payment Deadlines The IRS recently announced tax filing and tax payment deadline extensions for all San Diego county taxpayers.. To assist residents adversely affected by the recent winter storms, Federal filing deadlines have been extended to June 17, 2024. The Franchise Tax Board followed suit and also issued a
Tax and Vice – Are IRS Deadlines Set in Stone?
A Discussion of Deadlines to File Collection Due Process Appeals and Other Filings – IRS Deadlines This installment of Tax and Vice discusses a Tax Court case involving a marijuana dispensary. To set the scene, a cannabis dispensary owner, Snoop Dogg, and Willie Nelson were having an epic sesh when they were rudely interrupted by
Navigating IRS New Guidance on Transfer of Publicly Traded Partnership Interests
Publicly Traded Partnership Interests The Internal Revenue Service recently issued new guidance to provide more clarity on the transfer of Publicly Traded Partnership (PTP) interests to foreign investors. While the guidance is a step forward, it brings with it its own sets of questions and considerations. Here is a breakdown of these updates and what
What is the Tax Gap
The “tax gap” is a term coined to describe the amount of tax taxpayers fail to pay each year. Also known as noncompliance taxpayer debt, it is the gap between what taxpayers legally owe to the government and what is actually paid and collected from taxpayers for the year. The primary reasons behind the tax
Required Minimum Distribution – IRS Provides Some Relief for Retirement Accounts and IRA Rollovers
Required Minimum Distribution The IRS recently issued official guidance providing relief to some taxpayers who may not have made a Required Minimum Distribution (RMD) from their IRA or other retirement accounts. The official guidance also provides relief to some taxpayers who took a distribution in 2023 from a retirement account and wish to make a
Understanding IRS Notices: Notice of Intent to Seize or Levy Your Property, CP504 Notice and CP504B Notice
The IRS CP504 Notice and CP504B Notice We continue our series on IRS notices by discussing the Notice of Intent to Seize (Levy) Your Property or IRS CP504 or CP504B Notice. While the verbiage of this notice can be somewhat confusing and cause some undue alarm, this blog post will discuss what the notice means
Frivolous Tax Returns Can Be a Serious Matter
Frivolous Tax Returns The IRS can charge penalties of $5,000 for Frivolous Tax Returns and other Frivolous submissions made to the IRS. The US Tax Court may impose penalties of up to $25,000 when a Taxpayer makes frivolous arguments in Tax Court. A list of some of the frivolous arguments that can lead to penalties
IRS Releases New Collection Financial Standards for 2023
IRS Collection Financial Standards The IRS recently released the new Collection Standards for 2023. The IRS Collection Financial Standards are significant because they often determine what a Taxpayer can “reasonably afford” when a Taxpayer makes a payment arrangement such as an Offer in Compromise, Currently Non-Collectable Status, or an Installment Agreement with the IRS for