Mopsick Carrere, LLP

09/12/2023

The IRS is starting to get more interested in who prepared a claim for the Employee Retention Credit.

04/11/2023

IRS proposes new regs to crack down on micro-captives.

Proposed regulations would identify micro-captive transactions as abusive after the Supreme Court ruled against the IRS in a case two years ago involving the transactions.

01/20/2023

Superseding Tax Return v. Amended Tax Return

What should you do if you discover a mistake in your tax return after it is filed? There are a couple of options available to make corrections depending on when the error is discovered. Most taxpayers know that a tax return can be amended. The lesser-known and better option if an error is discovered...

01/13/2023

Taxpayer Advocate Releases 2022 Annual Report.

The National Taxpayer Advocate released her 2022 annual report this week, which describes the many challenges facing the IRS. High on the list, to no surprise, is the very poor quality of customer service provided to taxpayers. The report states “The main focus of this year’s report is the eleph...

12/30/2022

New Reporting Disclosure Burden for Small Businesses.

The Corporate Transparency Act (“CTA”) passed by Congress in January of 2021, will add yet another disclosure filing requirement for small businesses. The Financial Crimes Enforcement Network, also known as FinCEN, which processes FBAR filings, is now tasked with administering the CTA and recent...

08/24/2022

COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers

IR-2022-155, August 24, 2022 — To help struggling taxpayers affected by the COVID-19 pandemic, the IRS today issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late.

08/15/2022

IRS announces interest rate increases for the fourth quarter of 2022; 6% rate applies to most taxpayers starting Oct. 1

IR-2022-150, August 15, 2022— The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022.

08/09/2022

Companies who promise to eliminate tax debt sometimes leave taxpayers high and dry.

Tax Tip 2022-103, July 7, 2022 — As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses who advertise and offer to help them reduce their tax debt.

08/05/2022

Tougher IRS enforcement central to Dem economic package

WASHINGTON (AP) — After more than a decade of mostly losing out, the Internal Revenue Service may finally get the cash infusion it's long wanted in the economic package that Democrats are working furiously to push through Congress before their August break.

07/13/2022

2022 IRS Dirty Dozen List

The IRS issues a “dirty dozen” list each year. The list is comprised of twelve common scams the IRS wants to warn the public about. This year’s list includes: Hidden offshore accounts and digital assets The U.S. requires its citizens to report income from any source world-wide. Placing income ...

07/01/2022

HOW TO STOP THE IRS FROM CHARGING EXCESSIVE INTEREST ON TAXES OWED

Here is a heads up on IRS interest rate increases coming this summer. See https://www.irs.gov/newsroom/irs-interest-rates-increase-for-the-third-quarter-of-2022. One of the surprises many of our client’s experience is how quickly interest accumulates on amounts owed to the IRS. Generally, interest...

06/27/2022

The New “Taxpayer Experience Office” Lays the Foundation For a New and Enhanced IRS of the 21st Century

The IRS is about to spend $1.2 billion on yet another reorganization of an already muscle-bound, top heavy agency, with the launch of its Taxpayer Experience Office. Don’t laugh. Look it up. Get ready for a new program which promises to “rethink the way” the IRS operates. A 500+ page report[1]...