Taxpayers who fail to timely meet their obligations to the IRS can face immediate penalty liability. Penalties for late filings and payments are in addition to the interest that accrues on any taxes owed, and interest accrues on taxpayers’ penalty liability as well.

From Giving Tuesday (the first Tuesday after Thanksgiving) through New Year’s Eve, many U.S. taxpayers choose to make charitable donations at the end of the year. Whether they give in the holiday spirit or after evaluating their impending tax liability, taxpayers who choose to make charitable donations can achieve significant tax savings—provided that they select their charities and plan their gifts carefully.

Earlier this month, the Internal Revenue Service (IRS) published a Tax Tip focused specifically on income tax compliance for U.S. service members and veterans. The Tax Tip includes a list of resources that are specific to current and former members of the military and notes that “[r]eviewing these resources is a good way [for service members and veterans] to prepare for the upcoming tax filing season.”

On October 18, 2022, the Internal Revenue Service (IRS) announced its tax inflation adjustments for the 2023 tax year. Several key numbers are increasing as a result of U.S. inflation, and this means that taxpayers will need to prepare their tax returns carefully to ensure that they receive the benefits of these increased figures.

While the Paycheck Protection Program (PPP) served as a financial lifeline for many businesses at the height of the COVID-19 pandemic, it is now well-known that the program was also a prime target for fraud. While the U.S. Small Business Administration (SBA) has previously estimated that lenders issued as many as 70,000 fraudulent loans under the program, a recent report suggests that the real number could be as high as 1.4 million.