Crystal Wilson

Navigating the Tax Landscape: A Closer Look at the 2023 National Taxpayer Advocate’s Report

In the ever-evolving realm of taxes, the annual report from the National Taxpayer Advocate, Erin M. Collins, sheds light on the IRS’s journey through 2023, a year marked by significant transformations. Let’s delve into the key takeaways and challenges faced by taxpayers. Positive Strides Amid Challenges Collins’ report acknowledges the IRS’s commendable strides in improving …

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Are You Paying Taxes On The Crypto Trading? Read On To Know Its Importance

The Internal Revenue Service (IRS) has reiterated the significance of reporting digital assets, and Crystal Clear Tax, your reliable partner in simplifying tax complexities, is here to assist you every step of the way. Unraveling the Digital Asset Question As we delve into the IRS guidelines for the 2024 federal income tax return, it’s crucial …

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TurboTax in Trouble: US Government Says They Misled People About ‘Free’ Services

In recent news, TurboTax maker Intuit faced a setback as the US Federal Trade Commission (FTC) put a stop to their advertising of “free” services, citing deceptive practices. This decision, following an administrative ruling in September, sheds light on Intuit’s long history of misleading consumers over six years. FTC’s Final Decision: Clearing the Air The …

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Where’s My Refund? Understanding Delays in Your Tax Refund – Is Identity Theft a Concern?

Tax time can be tricky, and the IRS faces a big challenge—stopping fake refunds. With credits like EITC, ACTC, and RRC on the rise, so are attempts at fraudulent refunds. The IRS uses a process to spot possible identity theft (IDT), temporarily stopping the review. This blog looks at when the IRS pauses tax return …

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Tax Tips for Student-Athletes: Navigating NIL Agreements Made Simple with Crystal Clear Tax Insights

In the fast-paced world, where TV deals and recruitment strategies make headlines, there’s a new player in the spotlight—the emergence of Name, Image, and Likeness (NIL) agreements. These agreements have become a game-changer for student-athletes, offering them a chance to capitalize on their fame. As these agreements gain popularity, so does the necessity for student-athletes …

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IRS Offers Financial Help for 4.7 Million Taxpayers

The IRS has recently introduced a penalty relief initiative to assist around 4.7 million individuals, businesses, and tax-exempt organizations who missed automated collection reminder notices during the pandemic. Valued at about $1 billion, this initiative targets those with assessed tax under $100,000, with most beneficiaries earning less than $400,000 annually. Understanding the IRS Penalty Relief …

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Navigating Tax Incentives: Treasury and IRS Illuminate Guidelines for the Green Energy Investment Credit

Are you a forward-thinking entrepreneur or an individual searching for innovative ways to save on taxes while contributing to a greener environment? The Internal Revenue Service (IRS) and the Department of the Treasury have recently issued Notice 2024-20 to shed light on eligible census tracts for the qualified alternative fuel vehicle refueling property credit. At …

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Emergency Tax Relief: IRS Announces Deadline Extension to June 17 for Florida Residents Coping with Storm Impact

In a recent announcement, the Internal Revenue Service (IRS) extended a helping hand to individuals and businesses grappling with the aftermath of severe storms, flooding, and potential dam breaches in parts of Connecticut. Affected taxpayers now have until June 17, 2024, to file various federal individual and business tax returns and make necessary payments. This …

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