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 …
Today, let’s dive back into the world of taxes, focusing on electronic petitions and why timing matters, especially when dealing with Eastern Time (ET). What You Need to Know To get the Tax Court to hear your case, filing your petition on time is crucial. According to Tax Court Rule 22, all petitions, no matter …
Tax Court Dates: Why Timing Matters – A Warning Tale Read More »
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 …
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 …
IRS Offers Financial Help for 4.7 Million Taxpayers Read More »
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 …
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 …
The Internal Revenue Service (IRS) and the Treasury Department are making significant strides in implementing key provisions of the Inflation Reduction Act, reaching a groundbreaking milestone with the registration of over 1,000 projects through the innovative IRS Energy Credits Online (ECO) tool. Empowering Taxpayers with Clean Energy Credits The Inflation Reduction Act introduced two groundbreaking …
The Internal Revenue Service (IRS) has announced the appointment of 12 new members to the Internal Revenue Service Advisory Council (IRSAC). Established in 1953, the IRSAC serves as a vital forum for discussions between IRS officials and representatives of the public, offering valuable insights into various tax administration issues. In this blog post, we’ll introduce …
IRS Advisory Council Welcomes New Members for 2024 Read More »
Are you a student-athlete exploring the exciting world of Name, Image, and Likeness (NIL) agreements? In the competitive and ever-evolving landscape of collegiate athletics, the recent attention on NIL opportunities has opened new financial avenues for student-athletes. Crystal Clear Tax is here to guide you through the tax implications of NIL agreements, ensuring you score …
Understanding Tax Implications for Student-Athletes in NIL Agreements (2024 Guide) Read More »
As we gear up for the 2024 tax season, the Internal Revenue Service (IRS) wants to ensure you’re equipped with the right tools and information. We’ve crafted a list of important tools that you will need to know in 2024. Let’s check it out each one by one. 1. Interactive Tax Assistant: Your Tax Law …
Unveiling a Stress-Free Tax Season: Your Comprehensive Guide to IRS Resources Read More »
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