Inflation will drive up more than 60 tax provisions for 2023, including the tax rates, according to the Internal Revenue Service. Revenue Procedure 2022-28 details the annual adjustments for tax year 2023, with filing in 2024, including: Standard deduction. For married couples filing jointly — $27,700, up $1,800 from the prior year; for single and married filing […]
Posts Tagged ‘back tax help in Kansas City’
National Taxpayer Advocate Erin Collins expressed concern Wednesday in a midyear report to Congress about continuing delays by the Internal Revenue Service in processing tax returns filed on paper last year, pointing to far higher numbers than the IRS itself claimed just a day ago. Collins said that at the end of May, the agency had a […]
Internal Revenue Service Commissioner Charles Rettig told lawmakers the IRS has been working hard this past filing season during a congressional hearing Thursday as he heard first-hand testimony from their constituents about the problems they encountered. “IRS employees want to do more to help taxpayers,” he said in his opening statement. “We want to be […]
The Internal Revenue Service mainly uses lien foreclosures when it’s going after the primary residences of people with overdue tax debts, but taxpayers don’t get the same legal protections as they would enjoy under the seizure process, according to a new report. The report, released last week by the Treasury Inspector General for Tax Administration, […]
Internal Revenue Service Commissioner Charles Rettig pledged to do more to improve taxpayer service after Congress approved a $675 million funding increase. “Taxpayer service remains the most significant IRS priority, and we have implemented many new, innovative strategies in an effort to improve our overall level of service and processing of our unprecedented current and […]
The year 2021 has been a tumultuous one for tax professionals, with continuing pandemic-related developments as well as new legislation, regulations, court decisions and IRS pronouncements. While the major developments are familiar to most, there are some that might have been missed due to the busy nature of the profession during the past year.Below are […]
The Internal Revenue Service is inundated with the volume of returns yet to be processed and phone calls for assistance, and is working hard to remedy the situation. While there are many factors contributing to this, it is overwhelming to the agency, according to Stephen Mankowski, tax chair of the National Conference of CPA Practitioners, […]
Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. You’ll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits. Choose carefully. […]
Kinston, North Carolina: Former tax preparer Hildares Kinkesha Parker-Greene has been sentenced to 30 months in prison for conspiring to file false returns. In early 2016, Parker-Greene managed a tax prep business in Kinston, where she conspired with another preparer to fraudulently inflate clients’ refunds by claiming false wages, federal income tax withholdings and dependents. Parker-Greene […]
Many people are afraid of IRS audits — and maybe even going to jail if they make a major mistake. In fact, fear of an IRS audit is one of the main reasons that people strive to file timely and accurate tax returns each year. But here’s the reality: Very few taxpayers go to jail […]