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Red flags for Employee Retention Credit claims

WASHINGTON — The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble. The…
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IRS expands use of chatbots to help answer questions on key notices

WASHINGTON — The Internal Revenue Service today announced the availability of expanded chatbot technology to help quickly answer basic questions for people receiving notices about possibly underreporting their taxes. The new chatbot feature…
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IRS: Those impacted by Idalia qualify for tax relief

WASHINGTON — The Internal Revenue Service today announced tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns…
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IRS launches paperless processing initiative

Taxpayers will have the option to go paperless for IRS correspondence by 2024 filing season, IRS to achieve paperless processing for all tax returns by filing season 2025 FS-2023-18, Aug. 2023 IRS paperless processing initiative will eliminate…
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Businesses must report of Cash Payments Over $10,000, beginning January 1, 2024

WASHINGTON —The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement…
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Interest rates increase for the fourth quarter 2023

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct.1, 2023. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.…
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Florida E-Verify Requirement Effective July 1, 2023

Starting July 1, 2023, Florida now requires that employers verify their new employee’s employment eligibility using E-Verify in addition to the Federal Form I-9. This new requirement applies only to employers where the new employee will be…
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IRS ends unannounced officer visits to taxpayers

WASHINGTON — As part of a larger transformation effort, the Internal Revenue Service today announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance…
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The Tax Payoff for Life Insurance

No one is saying that permanent whole life insurance is the greatest invention since the wheel was created. But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and…