Internal Revenue Service Archives - Page 2 of 6 - FREE Yourself from IRS Problems

Shamsey Oloko January 13, 2022 Civil Liabilities, Civil Penalties, Income Tax, Income Tax Return, Internal Revenue Code, Internal Revenue Service, Tax Legislation 0

IRS Updates Procedure for Issuing Guidance

In the middle of October, the IRS updated its procedure for issuing guidance using frequently asked questions (FAQs) on any newly passed tax laws. The IRS released a document providing a general overview clarifying taxpayers’ ability to rely on guidance…

Shamsey Oloko November 16, 2021 Audit, Bank Accounts, Business Expenses, Deductions, Income, Income Tax, Income Tax Return, Internal Revenue Service 0

Feds Scale Back Bank Account Reporting Proposal

In April 2021, President Biden’s American Families Plan contained a proposal under which banks would report deposits and withdrawals for all business and personal accounts to the IRS except for accounts below a threshold of $600 or a fair market…

Shamsey Oloko February 26, 2020 Internal Revenue Service, Student Loans 0

IRS Issues Guidance On Discharged Student Loans

In early 2020, the Internal Revenue Service issued Revenue Procedure 2020-11 (Rev. Proc. 2020-11) about the established safe harbor that extends relief to taxpayers who used federal or private student loans to finance attending a nonprofit or for-profit school. The relief described…