Taxpayers who owe more taxes than they can pay may seek an Offer in Compromise (OIC) with the IRS to settle the debt for less than the amount owed. The IRS recently revised its policy of offsetting refunds after accepting an OIC. Previously, the Internal Revenue Manual provided that taxpayer refunds should be offset against […]

The Government Accountability Office (GAO) recently released a report on “Opportunity Zones.” The 2017 Tax Cuts and Jobs Act created a tax incentive that gave governors discretion to nominate generally up to 25% of their states’ low-income census tracts as special investment areas called Opportunity Zones. Taxpayers who invest in Qualified Opportunity Funds (that then

After passing a stopgap spending bill that will keep the federal government funded at current levels until Feb. 18, Congress still needs to increase the government’s debt limit. That’s the total amount the U.S. government is authorized to borrow to meet its existing legal obligations. Treasury Secretary Janet Yellen has urged Congress to raise the

Taxpayers generally have three years from the extended due date of a tax return to file for a refund. One taxpayer timely filed a refund claim on his 2014 tax return. The IRS initially rejected it, stating it “may have been the result of potential identity theft.” The taxpayer later submitted a copy of the

Filing your 2021 tax returns can be much easier with a little preparation. There are some steps that you can take now. Create a file of tax forms as you receive them, such as W-2 Wage and Tax Statements, Forms 1099 for Misc. Income and Form 1099-G for unemployment compensation. If you received Economic Impact

The IRS recently held a National Tax Security Awareness Week that focused on business security. IRS Commissioner Charles Rettig urged businesses to “stay alert” as “thieves may steal enough information to file a business tax return” or use a variety of other scams. More than 70% of cyberattacks are aimed at businesses with fewer than

As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked

The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its

The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 adjustments into account. Also, keep in mind that,