Crystal Wilson

If Government Shuts Down, Taxpayer Advocate Service Can’t Help: What You Need to Know

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As the fiscal year starts on October 1st, there’s growing uncertainty about the approval of appropriations legislation to fund parts of the government, including the IRS. In this context, the potential shutdown raises concerns about the availability of crucial taxpayer assistance services. This blog post explores the ramifications of a government shutdown on the Taxpayer …

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Mastering Timely Tax Filings: A Guide to Avoiding Jurisdiction Pitfalls

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In this article, we will emphasize the importance of electronic filings using Eastern Time (ET) and offer insights into a case where the lack of adherence to this guideline led to the loss of a taxpayer’s right to a prepayment review. Understanding Timely Filings According to Tax Court Rule 22, all petitions, regardless of format, …

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Navigating FinCEN’s Beneficial Ownership Reporting Rule: Crystal Clear Tax Guides the Way

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As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) has implemented the beneficial ownership reporting rule, a key component of the Corporate Transparency Act (CTA). This rule mandates certain entities to file reports with FinCEN, disclosing information about beneficial owners and individuals involved in the entity’s creation or registration. In this blog post, …

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Unlocking Tax Credits with the IRA/CHIPS Pre-filing Registration Tool

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In a recent announcement, the Internal Revenue Service (IRS) introduced a valuable tool for businesses, tax-exempt organizations, and various entities to streamline the utilization of tax credits. The new IRA/CHIPS Pre-filing Registration Tool is designed to facilitate the elective payment or transfer of credits, allowing eligible taxpayers to leverage incentives offered under the Inflation Reduction …

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Maximizing Your Retirement Giving: A Guide to Qualified Charitable Distributions

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Maximizing Your Retirement Giving: A Guide to Qualified Charitable Distributions **Understanding the Benefit** The Internal Revenue Service (IRS) offers an appealing opportunity for individual retirement arrangement (IRA) owners aged 70½ or over. They can transfer up to $100,000 tax-free each year to their favorite charity through qualified charitable distributions (QCDs). This not only serves as …

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Something to keep in your back pocket for tax year 2024

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The IRS has announced key inflation adjustments for the tax year 2024, which will impact tax returns filed in 2025. Here are the significant changes: 1. **Standard Deduction Increases**: For married couples filing jointly, the standard deduction is up by $1,500 to $29,200. For single taxpayers and those married filing separately, it rises to $14,600, …

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Important Advisory: Recognizing and Reporting Abusive Tax Schemes

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**Subject: Important Advisory: Recognizing and Reporting Abusive Tax Schemes** Dear Valued Clients, As part of our ongoing commitment to keeping you informed and safeguarding your financial health, we at Crystal Clear Tax want to address a critical issue: abusive tax schemes. **Understanding Abusive Tax Schemes:** Abusive tax schemes are illegal arrangements that claim to reduce …

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IRS Announces New Initiatives and Improvements Post Inflation Reduction Act

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**IRS Announces New Initiatives and Improvements Post Inflation Reduction Act** The Internal Revenue Service (IRS) has recently unveiled several new initiatives and improvements, following a successful 2023 filing season bolstered by the Inflation Reduction Act (IRA) investments. These steps are aimed at enhancing enforcement against non-compliance by high-income individuals, large corporations, and complex partnerships, while …

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IRS Announces Major Advances for 2024 Filing Season and Beyond

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The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced significant improvements for the upcoming 2024 Filing Season, following the successful implementation of the Inflation Reduction Act (IRA) investments in 2023. These changes aim to streamline tax processes and enhance taxpayer experiences. **Key Developments:** 1. **Paperless Processing Initiative Progress:** – **Digital …

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Smart Tax Planning: Avoid Surprises in 2024 with Strategic Withholding

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As 2023 draws to a close, the IRS urges taxpayers to review their tax withholding promptly to avoid surprises when filing next year. Even adjustments made in the final weeks of the year can make a difference. The IRS provides resources like the Tax Withholding Estimator, aiding individuals in determining if they have the correct …

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