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The fuel tax credit is a refundable tax credit created to provide relief to eligible taxpayers for federal taxes paid on fuel used for certain purposes – as part of the Dirty Dozen list, many taxpayers misunderstand and misuse this credit. If you’re considering taking advantage of the Fuel Tax Credit, here’s what you need to know.
Each year, the Internal Revenue Service releases a list of known scams and tax concerns for taxpayers to watch for. Included on this list in 2024 is Offer in Compromise Mills, but what are offer in compromise mills?
Small business owners are the backbone of our economy. They balance not just providing a valuable service or good to their communities but also the demands of business ownership — the nitty gritty of navigating administrative tasks and making sure the business...
No one wants an IRS audit letter to arrive at their door, and lately, many SMBs are facing them. The era of the ERC is far from over, and long from solid – Here’s what business owners should know.
The Internal Revenue Service (IRS) has made it clear that it is coming after anyone that took advantage of the Employee Retention Credit (ERC) during and after the COVID-19 pandemic. Although their goal is noble — to make sure tax cheats are not bilking the system —...
The Internal Revenue Service (IRS) has reportedly initiated processes for sending out recapture letters on ERC claims in the year 2021. The receipt of this letter does not necessarily mean that an invalid claim was filed, but simply that there was a flagged discrepancy, and the claim is being audited. It is best to contact a tax professional to understand your letter, and prepare next steps.
It seems that the mail these days holds two things: bills and marketing materials. For the truly unlucky, the mail may also contain a letter from the Internal Revenue Service (IRS). Although it may be tempting to ignore the letter or pretend it does not exist, a...
The federal government recently accused a Texas entrepreneur of over $2 billion in tax evasion. The case, if successful, will mark the biggest tax evasion case against a U.S. citizen in the country’s history. The government has a 39-count indictment against the...
Many taxpayers used the pandemic as incentive to move out of New York or other high tax states, like California. This can catch the state taxing authority’s attention when these moves involve an executive or other high-earning taxpayer who shifts to remote work and...
The Internal Revenue Service (IRS) has made it clear that it will aggressively pursue those it claims “erroneously” attempt to take advantage of the Employee Retention Credit (ERC). As of March 15, the agency reported over 22,000 improper claims. #1: What is the ERC?...