Category: Today’s Tax Talk

Monday November 21, 2022 – The inflation Reduction Act of 2022 provided $80 Billion to the IRS primarily to increase collection efforts and improve information technology. That $80 Billion could fund 87,000 new IRS Employees. … Continue reading Will GOP Repeal Funding For IRS 87,000? →

Thursday November 17, 2022 – At Opem Tax Advocates we are passionate about helping business owners lower their tax bill, avoid audits, and grow their business.  So, today, we review an article pointing out that … Continue reading Advice For Business Owners – Plus ID.me →

The Biden Administration has named a Nominee to take over the IRS. His name is Daniel Werfel, now Managing Director and Partner of the Boston Consulting Group. IRS Commissioner Chuck Rettig’s term formally ended on … Continue reading New IRS Commissioner →

Tuesday November 15, 2022 – Everyone is talking about the collapse of FTX and the firm’s founder Sam Bankman-Fried. From hero to zero, overnight! While this collapse has the striking newness of Cryptocurrency – the … Continue reading OK – Let’s Talk About FTX →

Thursday November 10, 2022 – With the expansion of the IRS and the push to collect additional tax dollars, the IRS is pushing Criminal Investigations. In my practice, I have not had many encounters with … Continue reading IRS – Criminal Investigations →

Wednesday November 9, 2022 – The IRS calls an audit an “Examination of Returns.” The IRS accepts most federal tax returns just as they are filed. Some returns, however, are selected for review. The IRS … Continue reading 11 Audit Tips →

Monday November 7, 2022 – This space has been reporting on the Cash App law created by the American Rescue Plan of March 2021. The law changed the tax reporting requirements for third-party payment apps … Continue reading Zelle Don’t Do 1099-Ks →

Wendesday November 2, 2022 – The IRS has recalculated the guesses they made in 2014 – 2016. And, to one’s surprise – the estimates were raised. The estimates are made up of people who do … Continue reading Tax Gap – Guess?? →

Monday October 31, 2022 – Happy Halloween. The scary tale can be told – Commissioner Chuck Rettig is out at the IRS. There has been talk of his dismissal for some time. Afterall, he was … Continue reading IRS Commissioner Rettig – OUT →

Wednesday October 26, 2022 – The IRS has become an issue in the upcoming Mid-Term elections. The GOP recently announced its Commitment to America as their election platform . The GOP has vowed their first … Continue reading IRS is Now GOP Election Issue →