News

The IRS has recently released its annual list of the biggest tax scams seen over the last year, and unsurprisingly, this year’s list is filled with scams built around the COVID-19 Pandemic. 

Running a business with employees can be hard work. Make it easier on yourself—file payroll and employment taxes electronically! 

The Internal Revenue Service announced on June 1, 2021 that it is currently accepting applications for the Internal Revenue Service Advisory Council (IRSAC) for terms that will begin in January 2022. Applications will be accepted through July 9, 2021. IRSAC members are appointed to three-year terms by the IRS commissioner. They also submit a report to the commissioner annually at a public meeting.

Update: 7/15/2021

The IRS plans to begin issuing the monthly Child Tax Credit advance payments this week. There are online tools available to Taxpayers interested in ensuring they receive the Child Tax Credit and to those who want to opt-out of receiving these advance payments.

Are you experiencing delays with the IRS tax return? Still waiting on a response on a request made to the IRS? The IRS is behind and struggling to catch up due to staff shortages and increased work brought on by the COVID-19 pandemic.  

The aggressive compliance landscape started several years ago and slowed down due to Covid-19. However, in recent months tax practitioners are seeing an increase in compliance efforts and controversies throughout the world. It started in January 2017 when the IRS began a new approach to examination where they were targeting campaign issues that they think have potential for noncompliance. For example, the IRS began to target Code Section 965 which affects a lot of taxpayers. They also have the high-wealth initiative, which targets very wealthy individuals not only around the US, but around the world.

If you find yourself in a situation where you cannot pay your tax bill in full, you have a few options of what to do. But the first thing you should do is file your tax return or request an extension of time to file by May 17, 2021 even if you cannot pay it all. If you do not file your tax return or request an extension by May 17^th you may face a failure-to-file penalty.

In previous years unemployment income a taxpayer receives was considered taxable income, and in most cases it continues to be taxable. However, a recent change in the law allows some taxpayers to not pay taxes on their unemployment benefits.

Our very own Angie Bryson was featured last week on myNewOrleans.com.

In 2020, a lot of people decided to solicit their services- accepting “gig” jobs - to help make ends meet during the pandemic. In doing so, many of these individuals did not understand what they were signing up for with regards to how the money they made from these “gigs” would affect their taxes.