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As inflation to Rises So does Sales Tax Revenues

Last month, the sales tax revenue collected by New York, and other states around the country soared. There seems to be a direct correlation with the increase in inflation. The concept makes sense since as inflation continues to rise, consumers … Continue reading

 

IRS Reports on Several Cases of Unauthorized Access to Taxpayer Data

In a report that was recently published by the Government Accountability Office (GAO), there were several findings about the willful and unauthorized access of taxpayer data by IRS employees.… Continue reading

 

Things Student Loan Borrowers Should Avoid Doing in the Next 5 Months

Student Loan borrowers are currently experiencing unprecedented times. Interest and payments for almost all federal student loans have been on pause for the last two years. The current student loan system is undergoing serious changes due to the Biden Administration … Continue reading

 

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