Avoid IRS Scams By Understanding How They Would Actually Contact a Taxpayer With continuing phone and in-person scams taking place across the country, we want to share information about how the IRS would contact you, so you know it’s really them. Review these scenarios to avoid IRS scams. In most instances, the IRS sends a… Read more »
Looking at Build Back Better – Part 2 In a surprise to most everyone, Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-West Virginia, announced the Inflation Reduction Act of 2022 (or is it Build Back Better Redux), a proposed reconciliation bill. Manchin is known for blocking previous attempts to pass Build Back… Read more »
Extend Time for Tax Exclusion Updated The Internal Revenue Service has posted a revenue procedure to give widows and widowers the ability to file for an extension of time on a tax exclusion beyond the fifth anniversary of their spouse’s death. Revenue Procedure 2022-32, released Friday by the IRS, provides a simplified method for certain… Read more »
AJM&A, Ltd. Welcomes Ben Hurwitz, CPA Our commitment to better serve our clients shows as we add friend and colleague Benjamin A. Hurwitz as a CPA to our team. Adding a CPA enables us to provide an additional level of expertise for individuals and businesses in areas of accounting, tax planning and compliance. A CPA… Read more »
The Internal Revenue Service issued a statement that it is auditing tax returns for the highest-earning taxpayers much more aggressively than it has in the past decade. Reports on IRS auditing comes amid sharp criticism from Congress over lagging audit numbers. There seems to be a disconnect between the IRS reports and the Government Accountability… Read more »
The report, released on May 2, by the Treasury Inspector General for Tax Administration, found that backlog inventories left over from the 2021-22 filing season are larger than those in the 2020 filing season. More than 16.4 million individual tax returns, transactions and Accounts Management cases remained in inventory as of the end of calendar… Read more »
Tax Code Changes Due to Inflation The Internal Revenue Service issued its annual inflation-adjusted amounts for next year’s health savings accounts. Due to surging inflation, the highest level in decades, they are raising the HSA limit. As part of 2023 tax code changes, Revenue Procedure 2022-24, states for calendar year 2023, the annual limitation on… Read more »
Gift tax returns are truly a gift for wealthy tax filers. Glitches confounding the IRS for a third pandemic year largely concern individual returns, not gift tax ones, which are filed far less frequently. Last year, donors could give $15,000 each to as many relatives, friends or other recipients as they wished.
Tax preparation professionals suggest: Do everything you can do electronically, especially if you’re due a refund. Keep the human element out and don’t expect to get through to the IRS by telephone.
IRS Suspends Automated Notices In the latest push to try and organize a better 2022 tax season, the Internal Revenue Service is suspending more than a dozen automated letters it sends out to taxpayers. These include collection notices, balance due notices and unfiled tax return notices. The actions seem to be a direct result of… Read more »