Donald Trump’s proposal to eliminate taxes on tips means that income earned through tips would no longer be subject to federal income taxes. Here’s an overview of what this could entail and the potential pros and cons: What it Means • Current System: Under the current U.S. tax system, tips are considered taxable income. Employees …
The IRS released its annual ‘Dirty Dozen’ campaign, renewing a warning about companies sometimes referred to as Offer in Compromise ‘mills’. The IRS notes that these ‘mills’ aggressively promote Offers in Compromise (OIC) and create the illusion that the IRS hands these out like Oprah handed out free cars on her big giveaway shows – …
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There are a lot of things that can trigger an IRS audit. Simply put, the IRS identifies them as red flags because they potentially increase the likelihood of one of two things – you are under-reporting income or over-reporting deductions. High-Income Taxpayers with Unsettled Debts: The IRS created the ‘High Wealth, High Balance Due Taxpayer …
The IRS and ‘Customer Service’? The IRS isn’t exactly known for its customer service. The majority of calls to its ‘customer service’ line remain unanswered, despite the IRS being gifted a huge budget increase as part of the equally ironically named ‘Inflation Reduction Act’. We decided, out of curiosity, to look up the word ‘customer’ …
The IRS is 2024’s ‘comeback kid’: According to IRS Commissioner Danny Werfel, the IRS is making strategic moves with its hefty funds from the Inflation Reduction Act. They’ve been channeling the money into revamping employee training and upgrading one of its oldest IT systems. Armed with nearly $60 billion in multi-year funds, the IRS is …