Revenue services

AICPA Addresses Taxpayers’ Top Questions About the Child Tax Credit

Retrieved on: 
Thursday, July 22, 2021
Professional services, White House, Federal Government, Public policy, Government, Finance, Consulting, Banking, Accounting, Tax, Taxation in the United States, Tax credits, Revenue services, Child tax credit, Taxation in the United Kingdom, Internal Revenue Service, Affordable Care Act tax provisions, Income tax in the United States

Among the many changes to the child tax credit, AICPA recommends that taxpayers be aware of the following:

Key Points: 
  • Among the many changes to the child tax credit, AICPA recommends that taxpayers be aware of the following:
    The age of qualifying children was raised from 16 to 17.
  • The tax credit amount has increased for certain taxpayers.
  • Taxpayers should also understand that these changes are temporary and only apply to the 2021 tax year, and the decision to have the child tax credit payments received in advance will affect a taxpayers refund or amount due when that return is filed.
  • Taxpayers can update their information to reflect any new information that might impact their child tax credit amount, such as filing status or number of children, using the IRSs child tax credit and update portal .

From the Tax Law Offices of David W. Klasing - Can You Accidentally Commit a Foreign Bank Account Reporting Violation?

Retrieved on: 
Thursday, May 6, 2021
Taxation in the United States, Tax, Revenue services, Internal Revenue Service, Tax investigation

The FBAR deadline may also be extended if the taxpayer is a victim of a natural disaster, such as a wildfire or earthquake.

Key Points: 
  • The FBAR deadline may also be extended if the taxpayer is a victim of a natural disaster, such as a wildfire or earthquake.
  • Note, however, that it is not enough for a person to merely claim that they accidentally missed the filing date.
  • Instead, the IRS will look at the totality of the circumstances to assess whether the taxpayer should be penalized for their violation.
  • Call our law offices for your consultation at (800) 681-1295 or Schedule online here.\nView original content to download multimedia: http://www.prnewswire.com/news-releases/from-the-tax-law-offices-of-davi...\nSOURCE Tax Law Offices of David W. Klasing, PC\n"

From the Tax Law Offices of David W. Klasing - Excerpts from Surviving a High Stakes Tax Audit: A Comprehensive Guide

Retrieved on: 
Tuesday, April 20, 2021
Tax, Taxation in the United States, Revenue services, Income tax audit, Internal Revenue Service, Tax resistance in the United States

Reporting irregularities are found by comparing information supplied by third parties including financial institutions, individuals, and businesses.

Key Points: 
  • Reporting irregularities are found by comparing information supplied by third parties including financial institutions, individuals, and businesses.
  • When a taxpayer's return is flagged by the IRS, they will then determine whether they should investigate the matter, which is the purpose of a tax audit .
  • You may receive notice that an IRS agent wants to further examine the records in question.
  • We can protect you from almost everything except the proper amount of tax liability you should have paid in the first place.\nView original content to download multimedia: http://www.prnewswire.com/news-releases/from-the-tax-law-offices-of-davi...\nSOURCE Tax Law Offices of David W. Klasing, PC\n"

MEDIA ALERT: IRS issues guidance on unemployment benefits exclusion

Retrieved on: 
Wednesday, March 31, 2021
Consulting, Accounting, Professional services, Finance, Tax, Taxation in the United States, Revenue services, Internal Revenue Service, Tax investigation, Unemployment, Alternative minimum tax, Income tax in the United States

Wolters Kluwer Tax & Accounting:

Key Points: 
  • Wolters Kluwer Tax & Accounting:
    What: The American Rescue Plan Act of 2021 provided for an exclusion of up to $10,200 for unemployment benefits paid to taxpayers in 2020.
  • Normally, unemployment benefits are fully taxable and the exclusion is only available to taxpayers with modified adjusted gross incomes of less than $150,000.
  • Given these circumstances, the IRS has now issued guidance addressing both what taxpayers who have already filed should do to report their unemployment benefits and how taxpayers who have yet to file their tax return should report the exclusion.
  • Why: Issuing this guidance should help alleviate the need for the millions of taxpayers who have already filed their 2020 tax returns to file amended returns to claim their unemployment benefits exclusion.

1095 and 1094 ACA Forms: ez1095 Now Offers A Correction Form Feature For Customer Convenience

Retrieved on: 
Monday, March 1, 2021
Tax, Taxation in the United States, Internal Revenue Service, E-file, Revenue services

It has also been approved by IRS to generate the efile documents that customers can upload to IRS for ACA form electronic filing.

Key Points: 
  • It has also been approved by IRS to generate the efile documents that customers can upload to IRS for ACA form electronic filing.
  • If you need to efile for ACA form correction, please view the instructions below.
  • ez1095 software allows customers to import data quickly from external files and makes it easy to print ACA forms for recipients.
  • "The latest version of ez1095 software will easily accommodate corrected 1095 forms," said Dr. Ge, the founder of Halfpricesoft.com.

Fast Enterprises Delivers Cloud-based Personal Income Tax System for Pennsylvania

Retrieved on: 
Tuesday, January 12, 2021
Value-added tax, Tax, Cloud computing, Revenue services, State taxation in the United States

HARRISBURG, Pa., Jan. 12, 2021 /PRNewswire/ --Pennsylvania's tax system modernization project achieved a major milestone in November with the implementation of personal income tax processing in the state's cloud-based solution from Fast Enterprises (FAST), a provider of essential software and services for citizens and government.

Key Points: 
  • HARRISBURG, Pa., Jan. 12, 2021 /PRNewswire/ --Pennsylvania's tax system modernization project achieved a major milestone in November with the implementation of personal income tax processing in the state's cloud-based solution from Fast Enterprises (FAST), a provider of essential software and services for citizens and government.
  • The Pennsylvania Tax Hub (PATH) project is a collaborative tax system modernization initiative between the state's Department of Revenue and its prime contractor, FAST.
  • In addition to personal income tax, the revenue department now uses GenTax, FAST's packaged tax and revenue software, to administer pass-through entity processing and property tax/rent rebates in its cloud-based system.
  • "Our software can operate on a variety of platforms, including commercial cloud, private FAST cloud, on-premise agency hosted, and on-premise FAST hosted," Manalo said.

It's More Important Now Than Ever to Solve IRS Tax Issues

Retrieved on: 
Thursday, October 15, 2020
Tax, Taxation in the United States, Revenue services, Internal Revenue Service, Tax investigation

FORT LAUDERDALE, Fla., Oct. 15, 2020 /PRNewswire/ --The tax relief experts at BH Tax Relief Inc., want to remind you that it's extremely important to get your tax issues resolved as soon as possible.

Key Points: 
  • FORT LAUDERDALE, Fla., Oct. 15, 2020 /PRNewswire/ --The tax relief experts at BH Tax Relief Inc., want to remind you that it's extremely important to get your tax issues resolved as soon as possible.
  • At BH Tax Relief Inc., we willwork hard on your behalf to finda way to bring you relief to your unresolved IRS issues.
  • When approaching a tax resolution case, we can implement the following methods:
    About BH Tax Relief Inc.
    BH Tax Relief Inc. is a tax relief agency serving the state of Florida.
  • Our teams of expert CPAs have years of experience resolving tax issues, providing tax planning and preparation services, and IRS audit defense.

From the Tax Law Offices of David W. Klasing - IRS Targeting the Wealthy for Audits and Criminal Tax Investigations

Retrieved on: 
Thursday, October 15, 2020
Taxation in the United States, Tax, Revenue services, Tax evasion, Internal Revenue Service, Income tax in the United States, Tax resistance in the United States, Tax evasion in the United States, Tax noncompliance

IRVINE, Calif., Oct. 15, 2020 /PRNewswire/ --In recent years, the IRS has come under fire from some prominent critics in Congress about the fact that the agency seems to have disproportionately been targeting low-income taxpayers for audits and criminal tax investigations while letting wealthier Americans get away with tax crimes that cost the agency exponentially much more money.

Key Points: 
  • IRVINE, Calif., Oct. 15, 2020 /PRNewswire/ --In recent years, the IRS has come under fire from some prominent critics in Congress about the fact that the agency seems to have disproportionately been targeting low-income taxpayers for audits and criminal tax investigations while letting wealthier Americans get away with tax crimes that cost the agency exponentially much more money.
  • As a result, the IRS has doubled down in the last few years in its efforts to crack down on tax fraud by the wealthiest Americans, announcing a program aimed at auditing those in the highest income brackets and doubling down on its commitment to the "Wealth Squad" unit .
  • If high net worth taxpayers do not voluntarily come forward and enter a domestic and or offshore voluntary disclosure program to correct their noncompliance before the IRS begins auditing or criminally investigating their issues, they will at best, face draconian civil penalties and, at worst, face criminal tax prosecution.
  • If you are a wealthy individual who has filed false, incomplete, or omitted FBARS & foreign information returns and simultaneously understated domestic or offshore taxable income in the past, you should get in contact with an experienced dual licensed International Tax Attorney and CPA like those at the Tax Law Offices of David W. Klasing as soon as possible to minimize civil penalties and avoid criminal tax prosecution.

Pega Helps HMRC to Mitigate Risk for UK Government's COVID-19 Support Initiatives

Retrieved on: 
Wednesday, October 14, 2020
Articles, Taxation in the United Kingdom, Revenue services, Security, Actuarial science, HM Revenue and Customs, Risk management, Tax avoidance, Fraud

, (NASDAQ: PEGA), the software company empowering digital transformation at the world's leading enterprises, has announced that it has been working with Her Majesty's Revenue and Customs (HMRC) to support the UK government's COVID-19 initiatives by helping it to mitigate against fraud and risk with businesses and individuals applying for support.

Key Points: 
  • , (NASDAQ: PEGA), the software company empowering digital transformation at the world's leading enterprises, has announced that it has been working with Her Majesty's Revenue and Customs (HMRC) to support the UK government's COVID-19 initiatives by helping it to mitigate against fraud and risk with businesses and individuals applying for support.
  • The department was already using Pega Intelligent Automation case management solutions for 18 years to assist with customer service, fraud investigation, customs, and legal.
  • This included the department's Caseflow application, which helps with compliance and enforcement of risk management and assessment relating to potential tax avoidance, fraud, and insufficient tax payment.
  • With support from Coforge , a Pega platinum partner, Pega extended the department's existing Caseflow application to mitigate against potential risk around each of the four COVID-19 plans.

TaxAudit Offers Guidance on CP14 Notices from IRS

Retrieved on: 
Thursday, August 27, 2020
Tax, Taxation in the United States, Revenue services, Internal Revenue Service, Tax investigation, Taxpayer

FOLSOM, Calif., Aug. 27, 2020 /PRNewswire/ -- TaxAudit , the largest tax representation service in the country for tax debt relief and audits, today issued guidance and tips for taxpayers who recently received a CP14 Notice from the IRS.

Key Points: 
  • FOLSOM, Calif., Aug. 27, 2020 /PRNewswire/ -- TaxAudit , the largest tax representation service in the country for tax debt relief and audits, today issued guidance and tips for taxpayers who recently received a CP14 Notice from the IRS.
  • A CP14 Notice is a computer-generated letter or bill issued from the IRS to inform a taxpayer they owe money on unpaid taxes.
  • The national health crisis has severely impacted the IRS, which has led to over 20 million backlogged notices and 11 million unopened taxpayer letters which likely include payment.
  • "Any notice from the IRS can cause stress on taxpayers, and we are seeing hundreds of TaxAudit members who have received a CP14 Notice even though they've already paid their tax bill.