News

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.

Yes, the IRS can take as much as a 15% cut in your Social Security to satisfy a tax debt. In July of 2000, the Federal Payment Levy Program not only allowed the IRS to dip into social security benefits, but also: Federal employee retirement annuities, federal payments made to you as a contractor/vendor doing business with government, federal employee travel advances or reimbursements, and some federal salaries.

As we enter into the holiday- of the most popular times to give and receive gift cards - scammers are using the season of giving to their advantage. Scammers often call or email Taxpayers and demand that they pay a phony tax bill with gift cards. Scammers also use compromised email accounts to send emails asking someone to purchase gift cards for friends, family, or co-workers.

If you own a small business or if you are thinking about starting a small business, this blog post is for you! Bryson Law Firm, LLC wants to ensure that you are aware of what owning a small business means when it comes to taxes.