IRS Suspends Delinquent Return Notices for Exempt Government Entities

In its Exempt Organization newsletter published March 25, 2022, the IRS announced it will temporarily stop issuing delinquent return notices to tax-exempt and governmental entities. This move comes after the IRS came under pressure to suspend more delinquent returns and collection notices while working through its backlog of unprocessed returns. This does not mean exempt…

Don’t Make Your March Madness Maddening

How will you spend St. Patrick’s Day this year? This year the holiday falls on a Thursday and will be the first fully open St. Patrick’s Day in two years. On top of that, it’s the opening day of the NCAA Men’s Basketball tournament. Many people are going to be ready for a good time.…

MISSING OR LOST W-2 OR 1099

If taxpayers are missing wages and withholding information to file their individual federal income tax returns, certain steps should be taken. Businesses are required to send their employees a Form W-2 “Wage and Tax Statement” by January 31 each year. Businesses are also required to send their non-employee workers a Form 1099-NEC “Non-employee Compensation” by…

Gig Economy, Virtual Currency, and Foreign Income and Asset Reporting

In a recent information release, IR 2022-45 (3/1/2022), the IRS has reminded taxpayers of their reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-sourced income, or holding certain foreign assets. Gig economy earnings are taxable. Generally, income earned from the gig economy is taxable and must be…