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EMPLOYEE RETENTION CREDIT (ERC) CONCERNS CONTINUE:
Note from the Editor: During the recent IRS National Tax Forum in Atlanta, Commissioner Werfel sat with a small group of stakeholders to hear concerns regarding the ongoing challenges with the

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ICYMI: IRS ENDS UNANNOUNCED REVENUE OFFICER VISITS TO TAXPAYERS
As part of a larger transformation effort, the Internal Revenue Service has announced a major policy change that will end most

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CHANGES PROPOSED FOR OFFER IN COMPROMISE PROGRAM:
The Taxpayer Advocate Service is working with the IRS Small Business/Self-Employed Division to encourage taxpayers to file an offer in compromise in situations in which it doesn’t appear that they

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REMINDER TO STORM VICTIMS IN FOUR STATES: FILE, PAY TAX RETURN BY JULY 31
If you have clients in parts of four states that were affected by springtime disaster declarations, remind them that their 2022 federal income tax returns and tax payments are due on Monday, July 3

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IDENTITY THEFT SCAMS CONTINUE:
Tax professionals are prime targets of criminal syndicates that are both tech- and tax-savvy.

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EMPLOYEE RETENTION CREDIT – REVISITED:
A quick refresher on eligibility for the Employee Retention (Tax) Credit (ERC/ERTC): the credit is available to eligible employers that paid qualified wages to some or all employees after March 12,

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THE IRS SHOULD STAY OUT OF THE TAX PREPARATION BUSINESS, BY U.S. SENATOR MIKE CRAPO, IDAHO:
From the Editor: FYI – The Internal Revenue Service submitted a report to Congress evaluating a Direct File option for taxpayers and is taking steps to begin a pilot project for the 2024 filing

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CHANGES TO NON-WILLFUL FBAR PENALTIES:
Following a consequential loss when the Supreme Court held that non-willful foreign bank account reporting penalties apply per form, the IRS has decided to eliminate mitigation for those penalties

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IRS PUBLICATION 1586 UPDATED:
The IRS has updated IRS Publication 1586 (Reasonable Cause Regulations and Requirements for Missing and Incorrect Name/TINs).

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