IRS

Within the newly enacted Further Consolidated Appropriations Act, 2020 (FCAA) is another act-the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), which significantly changes retirement plan funding and distribution.[1]This new law increases the age at which account holders are required to take distributions from their individual retirement accounts (IRAs) from 70½ […]

Tax season is upon us. The Internal Revenue Service (IRS) began accepting tax returns on Monday, January 27. Those putting the finishing touches on their returns may wonder what the IRS looks for when reviewing returns — what exactly triggers an audit? 1) A large income. Unfortunately, the IRS is more likely to conduct an […]

Holiday decorations are stored away, New Year’s celebrations are over. Now it is time to move on to the next season of the year: tax season. It is not uncommon to look at the upcoming April 15 tax deadline with some amount of dread. You can take steps to help reduce the stress and frustration […]

On January 6, 2020, the Internal Revenue Service (IRS) released its Fiscal Year 2019 Whistleblower Report.[1]Although the report shows a decline in awards made as compared to last year, potential whistleblowers should note that the report clearly portrays an overall trend that the IRS is increasingly motivated in today’s mandatory tax whistleblower program. An important […]

The “Gig Economy”-independent workers paid for a task or project (i.e., a “gig”)- isn’t new, but it has grown exponentially over the last decade, especially with the help of smartphone-based technology. Companies like Uber, Airbnb or TaskRabbit have made it very attractive and easy for independent workers to receive payment for performing a specific gig. […]

Celebrations have finished. The new year is here. Now it is time to get back to business. One important consideration when transitioning back to work after the holiday season: tax dates. Due dates will vary depending on the tax form in question. This piece will focus on two of the more common forms, the individual […]

Running a small business is not an easy task. Business owners have full schedules-schedules that rarely include much downtime. Getting notification of a tax audit to add to the daily to-do-list can make an already full schedule seem unmanageable. Thankfully, there are some proactive steps you can take to reduce the risk of a small […]

On December 17, 2019, the Washington Post reported that a former senior investment manager for the Church of Jesus Christ of Latter-day Saints’ (the “church”) investment arm filed a whistleblower complaint with the Internal Revenue Service (IRS). The complaint alleges that the church has amassed and misused approximately $100 billion intended for charitable purposes. Specifically, […]

The Internal Revenue Service (IRS) typically requires documents and payments to be filed or made within specific timeframes. For instance, it is well-known that individuals’ federal tax returns are generally due every April 15th. It is less commonly known that the Internal Revenue Code (IRC) and corresponding regulations, which provide the rules for determining when […]

On December 5, 2019, the Internal Revenue Service (IRS) released the IRS’s Criminal Investigation division’s (CI) 100th Annual Report.1Besides highlighting significant CI successes and criminal enforcement actions during the fiscal year of 2019, the report unambiguously presents the IRS’s intent to pursue higher conviction rates and focus on cryptocurrency and cybercrime. The report also marks […]