In a March 21 speech before a tax executives convention, IRS chief Charles Rettig stated that the agency is “trending in a really good direction” in catching up on unprocessed returns. However, he warned, the agency needs more in long-term government funding if it’s...
The next time you contact the IRS, your call or online text might be received by a voice or chat bot. The IRS is now employing the technology on two of its specialized phone-assistance lines and on IRS.gov. The voice bots will provide taxpayers with assistance in...
It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any virtual currency? According to the IRS, some examples of a...
If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported. The gig economy is when people earn income providing on-demand work, services or goods. Often, the gig is acquired through a digital platform,...
Challenges faced by the IRS last year continue, said the Government Accountability Office (GAO). Recently, a GAO Director, Jessica Lucas-Judy, listed some of the issues in a testimony before the U.S. Senate Finance Committee. Issues include soaring telephone demand,...
Business owners can deduct ordinary and necessary expenses on their tax returns but they must be able to substantiate them. If the IRS disallows them and an owner wants to challenge the tax agency, the taxpayer bears the burden of proving there were errors in the IRS...
