The Internal Revenue Service finds itself flush with money, an unfamiliar position. Persistent operational problems at the agency and controversial enforcement provisions in the narrowly passed Inflation Reduction Act place the IRS under the microscope and in the middle of America’s rough-and-tumble politics.
Tax returns are piling up at the Internal Revenue Service, and millions of taxpayers are experiencing refund delays beyond the typical 21 days or fewer for e-filed returns electing a direct deposit refund.
During Federal Reserve Chairman Jay Powell’s recent testimony before Congress, he was pressed by legislators on both sides of the aisle on the top threat to our nation’s economic growth: inflation.
The IRS is a huge mess this year, thanks to a pandemic that is entering its third year, a decade of budget cuts and out-of-date technology.
The Employee Retention Credit (ERC) has proven to be one of the most effective tax policies in helping small and medium businesses and tax-exempt entities weather the economic impact of the pandemic. The ERC provides employers up to $7,000 per employee per quarter in refundable tax relief for the first three quarters of 2021 (and a reduced benefit for 2020).
Only us tax geeks get excited that tax season is officially marked open as the Internal Revenue Service starts accepting tax returns! And while this time of year comes with its own set of challenges, the big story for 2022 is that the IRS will face more problems processing refunds
Mark Everson has been all over the news talking about the big story of the impending tax season and the challenges faced when filing due to the IRS’ continued lack of funding and resources.
In an attempt to finetune the verification process for R&D tax credit, the IRS has decided to introduce some new requirements for information from businesses availing the claim. In a recent Chief Counsel memorandum, the agency stated that it wants more detailed information about all of the business components for the claims made for that year.
Poor execution of an otherwise defensible policy initiative can damage the national interest and erode support for government and its institutions. Proposals on the table for the IRS would hamstring the service just as urgently needed plans to revitalize it are set to start.
With the new administration calling for a significant increase in funding for the IRS -– many potential tax whistleblowers are considering whether they should now come forward and submit a Form 211 to the IRS.