When the IRS seizes taxpayer property for unpaid taxes, strict compliance with legal guidelines must be followed. Recently the Treasury Inspector General for Tax Administration (TIGTA) issued its fiscal year 2021 review of IRS property seizures. In an examination of 90 of the 145 seizures conducted, the IRS “generally adhered” to requirements, said TIGTA. However, […]

Inflation is becoming a concern for consumers and legislators.  Some analysts suggest that the spike is a result of ongoing supply chain problems that were caused by the pandemic.  Others see the problem stemming from massive government stimulus spending.  Whatever the root causes, the impact is felt by us all at the gas pump and

Fraudsters are opportunists, and disasters present many opportunities to steal assets and information. These crooks target victims when they’re vulnerable, offering bogus help. They may also steal from generous people seeking to aid victims. The IRS warns that these scams usually start with unsolicited contact by phone, on social media, by email, in person or

IRS issues ERC guidance as Congress MULLS EARLY TERMINATION   The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit

Disasters and your taxes: What you need to know Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses for a wide swath of taxpayers. If you’re among them, you

A Different Kind of MUD Tax

The IRS has announced the special per diem rates that are effective Oct. 1, 2021. Taxpayers may use these per diem rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. An employer may pay a per diem or daily amount to an employee for business-travel instead

Should funding for the IRS be raised? As the White House seeks to add $80 billion to IRS funding (over 2022-2031), the Congressional Budget Office (CBO) evaluated potential effects of that move. CBO Director Phil Swagel said in a blog that the extra funding would increase audits and “revenues by approximately $200 billion.” CBO estimates

The House Ways and Means Committee will begin marking up legislative proposals under the infrastructure bill (the “Build Back Better Act”) this week. The committee is expected to consider measures including universal paid family and medical leave, access to childcare, strengthening retirement savings, and trade adjustment assistance programs. Among other things, the committee will specifically

Did you know that you have the right to access Texas state government records? It’s all presumed to be available to the public, though some exceptions may apply to the disclosure of the information. If you wish to obtain records, submit a request by mail, fax or in person, using the FYI Open Records Tool.