Categories
Uncategorized

IRS sets Jan. 23 as official start to 2023 tax filing season: more help available for taxpayers this year

Source: IRS WASHINGTON – The Internal Revenue Service today announced Monday, Jan. 23, 2023, as the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before […]

Categories
Uncategorized

401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

Source: IRS      WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related […]

Categories
Uncategorized

FinCEN Announces $8 Million Civil Money Penalty against CommunityBank of Texas, National Association for Violations of the Bank Secrecy Act

Contact Office of Strategic Communications, [email protected] Immediate Release December 16, 2021 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced that it has assessed an $8 million civil penalty on Community Bank of Texas, N.A. (CBOT) for willful violations of the Bank Secrecy Act (BSA) and its implementing regulations. Specifically, CBOT admitted that it willfully failed to […]

Categories
Uncategorized

Understanding the taxpayer’s right to quality service

Issue Number: Tax Tip 2021-95 It’s important for all taxpayers to know their rights in case they need to work with the agency on a tax matter. The Taxpayer Bill of Rights, lists, and defines 10 fundamental rights of every taxpayer. Included on that list is the Right to Quality Service: Taxpayers have the right […]

Categories
Uncategorized

Happy 4th of July 2021 Everyone.

Categories
Uncategorized

IRS ‘Dirty Dozen’ list warns people to watch out for tax-related scams involving fake charities, ghost preparers and other schemes.

Source: IRS WASHINGTON – The Internal Revenue Service today continued its “Dirty Dozen” tax scams with a warning for people to watch out for predators using tax-related schemes ranging from fake charities to scams targeting seniors and immigrants. The IRS continues to see a group of ruses by dishonest people who trick others into doing […]

Categories
Uncategorized

IRS Processing Backlog

Source: IRS Although most taxpayers successfully filed their 2020 returns and received their refunds, a historically high number did not. At the conclusion of the 2020 filing season, the IRS faced a backlog of over 35 million individual and business income tax returns that require manual processing – meaning that employee involvement is generally needed […]

Categories
Uncategorized

Taxation of Persian Americans Living in Iran

Taxation of Persian Americans Living in Iran            If you are a U.S. green card holder or a U.S. citizen (a US person under the Internal Revenue Code 7701(b)) and live in Iran, you are taxed on your worldwide income regardless of where you earned it. Additionally, you are subject to U.S. international tax laws, […]

Categories
Uncategorized

European Union’s assessment of the progress on Iran nuclear talks, also known as Joint Comprehensive Plan of Action (JCPOA), or Barjam in Persian.

Source: VIENNA (AP). June 15, 2021. A top European diplomat said Tuesday he believes international negotiations with Iran will ultimately succeed in re-imposing limits on its nuclear program but indicated that more time may be needed. Enrique Mora, who is coordinating the talks in Vienna, said progress had been made on overcoming key obstacles at […]

Categories
Uncategorized

Get a closer look at how the IRS Office of Fraud Enforcement is combatting identity theft, refund fraud and other criminal activity and learn ways that you can help in the fight.

By Damon Rowe, IRS Office of Fraud Enforcement, CL-21-18, June 17, 2021 In my role overseeing the IRS Office of Fraud Enforcement and having spent my early career in IRS Criminal Investigation, I’ve seen firsthand that criminals can be exceptionally good at playing on our emotions to lure us into a scam. It’s easy for […]