The IRS announced on September 14, 2023 a processing moratorium on new employee retention credit (ERC) claims. This means that it will not process any newly filed ERC claims until it works through its backlog of more than 600,000 claims, which it estimates will not occur until next year. The moratorium does not mean that…
Getty Images A new open enrollment period for Medicare is about to begin, and Americans 65 and older will be making or reconsidering one of their most important decisions. Open enrollment runs from October 15 through December 7. It’s important to ignore all the Medicare ads delivered through television and the mail during the period.…
From friendly wagers to jackpots, gambling winnings are reportable by individuals for federal income … [+] tax purposes. getty My fantasy football season is not off to a good start. In week two, I lost by 50 points—to my daughter, who does not watch football. Fortunately, we don’t play for cash in our league, we…
getty Most people with significant assets in IRAs and 401(k)s let Congress and the IRS determine their spending and distribution strategies. That’s a big mistake that can cost them and their families quite a bit of money. Most people don’t begin taking money out of their qualified retirement accounts until the required minimum distribution rules…
The Internal Revenue Service announced plans to establish a special area to focus on large or … [+] complex pass-through entities. getty For weeks, the IRS has been teasing new compliance initiatives—including increased hiring—to focus on expanded enforcement work on complex partnerships, large corporations, and high-income and high-wealth individuals. Today, the IRS announced plans to…
WASHINGTON, DC – AUGUST 18: The Internal Revenue Service (IRS) building on Thursday, Aug. 18, 2022 … [+] in Washington, DC. (Kent Nishimura / Los Angeles Times via Getty Images) Los Angeles Times via Getty Images Tax Notes reporter Andrew Velarde discusses the latest developments on the final regulations for claiming foreign tax credits, including…
Queens House of Detention, New York getty Ayodele Arasokun was sentenced today in West Virginia to 34 years in federal prison for orchestrating an international tax scheme. According to the court documents, from January 2016 to November 2017, Arasokun devised a scheme to unlawfully obtain tax refund money by filing fraudulent federal income tax returns.…
Disabled woman with bandaged arm signing document getty What is taxed and what isn’t can be confusing. In the case of disability pay, whether it is taxed or not usually depends on who paid for the disability insurance coverage. Perhaps your employer paid for your disability coverage, and you were covered as a fringe benefit.…
The IRS has put a temporary pause on Employee Retention Credit claims. Getty Citing “rising concerns about a flood of improper Employee Retention Credit claims,” the IRS has announced an immediate moratorium on processing new ERC claims. The agency says that the pause, which will run through through at least the end of the year,…
Close up of hand holding an American flag with world map background getty A few years ago, a neighbor of mine was having a serious problem with the Social Security Administration. The agency inexplicably denied her the retirement benefits she was entitled to — all because of a name change. Something so basic as reverting…