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Navigating Federally Declared Disaster Area Casualty Loss Deduction (Including Loss Deduction for Non-Itemizers)
When natural disasters strike, they can cause significant property damage and financial loss. For tax preparers, it's essential to understand the tax relief options available to affected individuals, especially the Federally Declared Disaster Area Casualty Loss Deduction. This deduction offers critical relief to...
Everything You Need to Know About the Annual Filing Season Program (AFSP)
The U.S. Tax Code can be incredibly complicated, which is why many taxpayers are hesitant to prepare their own federal income tax returns, even when using tax software. However, hiring a Certified Public Accountant (CPA), Enrolled Agent (EA), or tax attorney can be expensive, and these professionals’ schedules often...
How Scammers Are Posing as the IRS
Safeguarding your client's personal and financial information is essential. Identity thieves are increasingly sophisticated, employing various tactics to impersonate the IRS and deceive taxpayers into divulging sensitive data. As a tax preparer, understanding these tactics and educating your clients about genuine IRS...
Beware Of A New Clean Energy Tax Credit Scam
With so much at stake, it's crucial to stay vigilant against emerging scams that target unsuspecting taxpayers. The latest Internal Revenue Service (IRS) alert highlights a new fraudulent scheme involving clean energy tax credits under the Inflation Reduction Act (IRA). This blog post will delve into the details of...
Misleading Social Media Advice And The Fuel Tax Credit
The Internal Revenue Service (IRS) has issued alert IR-2024-139, highlighting a rise in tax scams and misleading social media advice that have resulted in inflated refund claims. As a tax preparer, it’s crucial to stay informed about these fraudulent activities to safeguard your clients. Here is a comprehensive...
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