The IRS Got an $80 Billion Raise. How Will That Affect You?
There’s no doubt you’ve spent at least a moment worrying about the $80 billion funding boost the IRS just received as part of the Inflation Reduction Act. Should you be worried about increased audits? Possibly. For most taxpayers, however, the infusion won’t be notable. First of all, if you heard that the funding will be […]
When Do Unpaid Payroll Taxes Become Criminal?
There’s talk that the IRS is more proactively tracing how unpaid payroll tax money is spent during trust fund recovery investigations. The outcome? Potentially, it’s a swifter handover to the IRS Criminal Investigation Division for criminal prosecution. Bloomberg Tax published a commentary on the development this summer. In his observations, Attorney Eric Green of Green […]
Your Tax Preparer Isn’t Responsible for Your Omissions
A former small business shareholder recently found guilty of tax evasion serves as a reminder that your tax preparer isn’t responsible for what they don’t know. The case involves a buyout agreement the Brooklyn man entered into when he sold shares of stock back to a home warranty business as he exited. The company agreed […]