Government taxation and revenue

IRS is resuming automated collection notices. Here’s what to know

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The Good Brigade | DigitalVision | Getty Images How IRS collection notices work Typically, CP14 is the first IRS notice for an unpaid tax balance, followed by three or four reminder letters, every five weeks, explained Darren Guillot, national director at Alliantgroup, who previously served as IRS deputy commissioner of the agency’s small business division. … Read more

IRS unveils employee retention credit voluntary disclosure program

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IRS Commissioner Daniel Werfel testifies before the House Small Business Committee on July 17, 2013. James Lawler Duggan | Reuters The IRS has unveiled a “voluntary disclosure program” for businesses that claimed a pandemic-era tax credit in error and want to pay the money back. Worth thousands per employee, the employee retention tax credit, or … Read more

Former Swiss finance executive guilty in tax evasion scheme

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The Internal Revenue Service headquarters building in Washington, DC. Chip Somodevilla | Getty Images News | Getty Images WASHINGTON — A former Swiss finance executive pled guilty in New York federal court on Thursday to conspiring to defraud the United States in a tax evasion scheme known as the “Singapore Solution” that hid $60 million … Read more

IRS offers $1 billion in penalty relief. What taxpayers need to know

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Jgi/jamie Grill | Tetra Images | Getty Images The IRS is waiving roughly $1 billion in late-payment penalties for millions of taxpayers with balances under $100,000 from returns filed in 2020 and 2021. Some 4.7 million individual taxpayers, businesses, trusts, estates and nonprofit organizations are eligible for the relief, which amounts to about $206 per … Read more

3 year-end investment tax tips from top-ranked financial advisors

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Catherine Falls Commercial | Moment | Getty Images The page has almost turned on 2023 — and that means time is running out to make certain tax moves by year’s end, or else risk missing out on their benefits. Here are some tax strategies to consider before ringing in the new year, according to advisors … Read more

Trump judge in NY fraud case slams credibility of paid defense expert

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Republican presidential candidate, former President Donald Trump arrives at a campaign event at the Hyatt Hotel on December 13, 2023 in Coralville, Iowa.  Scott Olson | Getty Images News | Getty Images The judge presiding over the high-stakes civil business fraud trial of former President Donald Trump harshly questioned the credibility of a key expert … Read more