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Woman Charged for Receiving $3.5 Million in Fraudulent Refund Money From IRS

During tax season and the months after, one of the IRS’s main concerns becomes addressing fraud. One of the most recent cases of fraud against the IRS involves a 54-year-old woman from Wisconsin, who was caught trying to claim … Continue reading

 

Itemized Deduction Planning 2022

There are two ways you can take deductions on your federal income tax return: you can itemize deductions or use the standard deduction. Deductions reduce the amount of your taxable income. The standard deduction amount varies depending on your … Continue reading

 

Newly Added Sanctions Ban U.S. From Providing Accounting Services to Russia

In the latest round of United States Sanctions on Russia, the new penalties that target Moscow are now involving Accounting and Consulting Services, as the United States has placed a ban on U.S. accounting and consulting firms from providing … Continue reading

 

For the First Time Since August – United States Inflation has Slowed

During April, United States inflation increased at its slowest rate in nearly 10 months. Although the price of consumer goods did increase, it did at a much slower rate than months prior.… Continue reading

 

NYC & Miami – Which City is the “Crypto Capital”?

With several motivations that are attracting venture capitalism, both New York City and Miami are jousting for the title of “Crypto Capital” in the United States. The history of financial stability in New York City along with its vast human … Continue reading

 

30 Million Backlogged Paper Information Returns Destroyed By the IRS.

A report that was released earlier this week by the Treasury Inspector General for Tax Administration (TIGTA) states that the IRS has decided to destroy approximately 30 million paper information return documents. To be clear, an information return is a … Continue reading

 

In Case You Are Wondering – IRS is Still Hindered By Staff Shortages & Backlog

According to the latest report given by the Internal Revenue Service, they are still facing numerous challenges related to their lack of employees. This is ultimately hindering the efforts of the IRS to combat the backlog of unprocessed returnsContinue reading

 

TurboTax To Pay $141 Million For Misleading Customers

Intuit, which is the father company of TurboTax has settled with all 50 states in an agreement to pay almost $150 million dollars to their users. This is after allegations that the tax filing service drove millions of low-income Americans … Continue reading

 

United States Sees Largest Mortgage Rate Hike Since 2009

In an effort to combat inflation and the overheated housing market, the Federal reserve has decided to raise its benchmark by half a percentage point, which is the highest bump the country has seen in two decades. Mortgage costs are … Continue reading