Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Bloomberg | Bloomberg | Getty Images After a few difficult years, the IRS has boosted taxpayer service and technology with an infusion of funding. But there’s still room for improvement — … Read more
2024 Chevrolet Silverado EV RSTImage: Chevrolet EV buyers rejoice. Starting January 1, you’ll be able to go to your local dealer and claim the EV tax credit as an actual discount on your vehicle. Surprisingly it looks as if dealers are on board with this plan too—at least some of them. The 2023 Dodge Challenger … Read more
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 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
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
