The IRS on October 27 announced that it has hired 4,000 new customer service representatives, also known as phone assistors, to help answer phone calls and to provide other customer services. The IRS hopes to add another 1,000 customer service reps by the end of the year. (IR 2022-191, 10/27/2022) According to the News Release,… Read More

Other Persons. In the case of any failure relating to a return or claim for refund filed in 2024, the penalty amounts under § 6695 are: Scenario Per Return or Claim for Refund Maximum Penalty Failure to furnish copy to taxpayer (§ 6695(a)) $60 $30,000 Failure to sign return (§ 6695(b)) $60 $30,000 Failure to… Read More

Courtesy Merrill Lynch Likelihood of Tax Changes: Becoming Clearer But a Long Way to Go  There will be a determined effort to eliminate the Trump tax cuts (enacted under the Tax Cuts and Jobs Act of 2017) for taxpayers with income over $400,000, and particularly to: – Increase top marginal tax rate from 37% to 39.6%… Read More