Author: Frank Carnahan

2024-07-24 The USPTO warned that trademark applicants and registrants have paid fees to private companies, mistakenly thinking they were paying fees required by the USPTO. The USPTO does not endorse any of these private companies and you are not required to use them. Watch for official USPTO emails about your registration. USPTO emails are important because your registration may expire or be canceled unless you maintain it. The USPTO uses…

2024-06-12 National Taxpayer Advocate Erin Collins noted in a June 6, 2024 blog post that the Internal Revenue Service is taking longer to process identity theft victim assistance (IDTVA) cases for taxpayers, and that the 2023 average processing time was 556 days, and as of April 2024, the processing time has jumped to 675 days. The spike has been attributed to shifting personnel within the agency to prioritize answering phone…

2024-06-06 Restaurants across the country are adding service charges to customers’ checks to boost wages for back-of-house workers and remove discrepancies in tipping, but the US tax code favors traditional tipping systems through tax credits, while restaurants that charge service fees don’t receive a similar credit benefit. Restaurants can only qualify for a tax credit under the standard tip system. Because the tip was passed to the employee who must…

2024-05-07 Every taxpayer has fundamental rights when working with the IRS, collectively known as the Taxpayer Bill of Rights. One of these rights is the right to challenge the IRS's position and be heard. Here’s what this right means for taxpayers. Taxpayers have the right to: Raise objections. Provide additional documentation in response to formal or proposed IRS actions. Expect the IRS to consider their timely objections. Have the IRS…

2024-05-06 If you make an S Election for an LLC, failure of the Operating Agreement to contain appropriate language to ensure that the entity operates according to the statutory requirements for being an S corporation causes an inadvertent termination of the S status. The current IRS filing fee for retroactively fixing the termination and getting Section 1362 (f) IRC relief is $30,000. In PLR 114424-23, 2024-04-19, all the members were…

2024-04-16 https://www.irs.gov/identity-theft-fraud-scams/identity-and-tax-return-verification-service The IRS proactively identifies and stops the processing of potential identity theft returns. You may receive a notice or letter asking you to verify your identity and tax return information with the IRS. This helps prevent an identity thief from getting your refund. Only taxpayers who have received a notice or a letter that included this website address will be able to use it. What to do if…

2024-03-27 The IRS Alternative Media Center (AMC) provides a variety of accessible products to help people who use assistive technology such as screen reading software, refreshable Braille displays and screen magnifying software. These products include tax forms, instructions and publications that can be downloaded or viewed online as Section 508 compliant PDF, HTML, eBraille, text and large print. Please note that every product is not available in all formats. For…

IR-2024-75, March 20, 2024 2024-03-21 The Internal Revenue Service urged businesses to review seven suspicious signs of a bad claim and see if the agency's special programs can help them avoid future compliance issues, and created special programs to help, including a limited-time offer through March 22 for employers to correct improper ERC claims at a sharp discount. Employers who improperly claimed ERC can avoid penalties and interest - and…

2024-02-16 IR-2024-39, Feb. 13, 2024 The IRS urges businesses to revisit eligibility for the ERC and resolve issues now before the March 22 deadline for the ERC Voluntary Disclosure Program for anyone that filed a claim in error and received a payment; the disclosure program allows businesses to repay just 80% of the claim. 7 suspicious signs that are common red flags that an ERC claim could be incorrect Too…