In the ever-evolving world of taxes, rumors can spread like wildfire, causing unnecessary panic among taxpayers. Recent reports hinting at widespread issues with the IRS have stirred confusion, but let’s clear the air – the IRS is not in crisis mode as we kick off the 2024 tax season. Crystal Clear Tax is here to …
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 …
TurboTax in Trouble: US Government Says They Misled People About ‘Free’ Services Read More »
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 »
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 …
In order to save employees from unforeseen financial challenges, the Internal Revenue Service (IRS) recently issued initial guidance on Pension-Linked Emergency Savings Accounts (PLESAs). As part of the SECURE 2.0 Act of 2022, PLESAs offer a strategic approach to financial preparedness, and Crystal Clear Tax is here to guide you through the intricacies of this …
IRS Takes the Lead in Directing Employers on Emergency Savings Accounts Implementation Read More »
In the tax resolution world, the Offer in Compromise (OIC) is like a helping hand for people dealing with big tax bills. But, the 36% acceptance rate can make tax professionals worry. They often ask, “Will my client’s OIC actually get accepted?” Here at Crystal Clear Tax, we make understanding OICs easy. We explain how …
Offer in Compromise (OIC) Success Blueprint: Crystal Clear Tax’s Guide to IRS Approval Read More »
As the calendar turns towards tax season, it’s time for employers and independent contractors to heed the reminders from the IRS. The key date to mark on your calendar is January 31 – the deadline for submitting crucial wage statements and forms for independent contractors. W-2s and 1099s: The January 31 Deadline Employers must ensure …
Mastering Tax Season: Essential Tips for Employers and Independent Contractors Read More »
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