Taxes

The IRS announced tax relief for individuals and businesses affected by Hurricane Lee anywhere in Maine and Massachusetts. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA).

Hurricane Lee made a dramatic impact in the northeastern part of the United States earlier this year, the third major hurricane of the 2023 Atlantic hurricane season. Now, the IRS has announced tax relief for individuals and businesses affected by the storm in Maine and Massachusetts. Impacted Taxpayers The IRS is offering relief to any

What’s the return on new money spent for tax enforcement? Over the years, the IRS has answered that question with a range of estimates: 7 to 1, 9 to 1, 11 to 1. During a particularly bitter 1947 debate, the Truman administration insisted on a 20-1 ratio. But Congress was having none of it. After

The IRS announced on September 14, 2023 a processing moratorium on new employee retention credit (ERC) claims. This means that it will not process any newly filed ERC claims until it works through its backlog of more than 600,000 claims, which it estimates will not occur until next year. The moratorium does not mean that

The Internal Revenue Service (IRS) recently announced a major policy shift that could have a huge impact on the wealthiest individuals in the US. On September 20, 2023, the IRS announced the creation of a new pass-through group with the sole purpose of targeting the top 1% of income earners. This new move could represent