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☆ How to avoid 'ghost preparers' and other tax scams
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow to avoid 'ghost preparers' and other tax scamsHow to avoid 'ghost preparers' and other tax scams as the April 15 federal filing deadline approaches. CNBC Senior Personal Finance Correspondent Sharon Epperson explains.

Persons: Sharon Epperson Organizations: CNBC, Finance

☆ US tax returns are due in two weeks, but millions of people have some extra time to file
▼ + stars: | 2024-04-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —If you haven’t sent in your 2023 income tax return yet, you have until April 15 to do so. But keep in mind, that extension only gives you more time to file your federal income tax return. The IRS has already received more than 80 million income tax returns for 2023, according to its most recent figures released Friday. Besides a refund, the IRS further notes low- and moderate-income earners also may be eligible to receive the Earned Income Tax Credit. And if you do file and are owed a refund, it may be withheld if you have yet to file your 2021 or 2022 returns.

Persons: haven’t, you’re, David Hubber, ” Hubber Organizations: New, New York CNN, Taxpayers, Patriots, Washington , D.C, IRS, “ Taxpayers, Department, DOJ, DOJ’s Locations: New York, Maine and Massachusetts, Washington ,, Idaho, Pennsylvania

☆ Opinion: What Hunter Biden and Donald Trump have in common
▼ + stars: | 2024-03-13 | by ( Opinion Andrey Spektor | ) edition.cnn.com time to read: +9 min

CNN —Hunter Biden won’t be returning to the spotlight next week as the House Oversight Committee had hoped. The problem with the Hunter Biden investigation, though, is not its potential reliance on the word of a compromised informant. And in that sense, Hunter Biden shares something in common with an unlikely person: Trump, at least with respect to his criminal case in New York. Much like the gun charge against Hunter Biden, the tax indictment has left many former federal white-collar prosecutors like me scratching their heads. That doesn’t mean that Trump or Hunter Biden are innocent; indeed, the former has more serious cases to contend with.

Persons: Andrey Spektor, Bryan Cave Leighton Paisner, CNN — Hunter Biden won’t, James Comer’s, Joe Biden, Andrey Spektor Bryan Cave Leighton, Hunter, Alexander Smirnov, Biden, you’ve, Smirnov, Hunter Biden, –, Donald Trump –, that’s, Trump, Hunter Biden’s Organizations: CNN, Republicans, Biden, Republican, Department of Justice Tax, IRS, DOJ’s Locations: New York

☆ Titanosaur skeleton discovered in France is 70 million years old
▼ + stars: | 2024-03-07 | by ( Taylor Nicioli | ) edition.cnn.com time to read: +6 min

CNN —A chance discovery made in southern France has revealed a rare specimen — an almost complete dinosaur skeleton found connected from its hind skull to its tail. The Archaeological and Paleontological Cultural Association at the Cruzy Museum, in collaboration with the French National Center for Scientific Research, identified the nearly 10-meter-long (32.8-foot-long) fossil as a Titanosaur skeleton upon excavation. The recently revealed 70% complete Titanosaur skeleton was retrieved during the excavation along with several fossils of various dinosaurs and other vertebrates, including some in anatomical connection and near complete. The Titanosaur skeleton currently resides in the Cruzy Museum’s laboratory, where it will be further studied, Veyssières said. Remains of Titanosaur fossils are widely unearthed in Europe, but few are discovered in anatomical connection, Boschetto said.

Persons: CNN —, Damien Boschetto, Boschetto, ” Boschetto, Jean, Marc Veyssières, ”, Veyssières, Damien Boschetto Titanosaur, Matthew Carrano, ” Carrano Organizations: CNN, Cruzy, French National Center for Scientific Research, Cruzy Museum, Smithsonian Institution National, of Locations: France, Montouliers, Cruzy, Europe

The tax return my CPA prepared instead reported a $16,000 gain, and it took months to fix the error. I get started with tax season in January now — even with a CPA, things can go awry. They had helped me resolve an issue with a previous tax return. Content to have identified the problem, I reported my findings, expecting my CPA would simply amend the return. If I had known how day trading could complicate my return, I might have changed my approach.

Persons: —, aren't Organizations: CPA, Service, GameStop

—Tax credits, such as child tax credit, retirement savings contributions credit, etc. Earlier this month, Congress announced a bipartisan agreement to enhance the current child tax credit. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year and $2,000 for 2025 tax returns. If you can’t see what your tax preparer is working on, get a copy of the tax return and ask questions about each of the entries. If you are due for a refund, you will not receive a penalty and you will receive your tax return payment.

Persons: Courtney Alev, ” Alev, Tom O’Saben, O'Saben, O’Saben, “, ” O’Saben, —, Alev, You’re, you’ve, It’s, ___, Charles Schwab, ” Organizations: —, Credit Karma, Savings, IRS, National Association of Tax, Elderly, People, Social Security, Social, Center, Budget, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: United States

The Direct File pilot program is rolling out in stages. The agency estimates that several hundred thousand taxpayers are eligible for the initial rollout in the 2024 tax season. Four other states that have a state income tax also are part of the pilot program — Arizona, Massachusetts, California and New York. In those four, state tax agencies will help people directly file their state taxes as well. “Direct File is one step toward getting the IRS in line with 21st century tax administration,” Olson said.

Persons: “, Danny Werfel, Nina Olson, ” Olson, Werfel, Tania Mercado, ” Robert Nassau, preparers, ” Organizations: WASHINGTON, IRS, Center for Taxpayer Rights, Organization for Economic Cooperation, Development, Republicans, Intuit, Low, Clinic, Syracuse University College of Law Locations: Florida , New Hampshire , Nevada , South Dakota , Tennessee , Texas, Washington, Wyoming, Arizona , Massachusetts, California, New York, Germany, Japan

☆ Government shutdown could disrupt upcoming tax season, IRS commissioner says
▼ + stars: | 2024-01-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Internal Revenue Commissioner Danny Werfel speaks during his swearing in ceremony at the IRS on April 4, 2023 in Washington, DC. (Photo by Bonnie Cash/Getty Images)As Americans prepare for the opening of tax season, lawmakers are racing to avert a government shutdown. "We have not experienced a shutdown in the middle of filing season, so there's some uncertainty there." "Of course, we will do everything in our power to minimize the disruptions that a shutdown would have on the filing season," he added. Some tax preparers have already begun accepting 2023 returns, but the season officially kicks off on Jan. 29 when the IRS starts processing filings.

Persons: Danny Werfel, Bonnie Cash, Werfel Organizations: Finance, IRS Locations: Washington ,

Start your search for a tax preparer or tax advisor before the peak of tax season. How to find the best tax preparer or advisor near youLike finding the right doctor or therapist, it can take time to find the best tax preparer or tax advisor for your situation. A tax attorney has demonstrated expertise in areas of federal and/or state tax preparation and complex tax planning. How to choose a tax preparer frequently asked questionsWho is the best person to get tax advice from? A tax preparer must obtain a preparer tax identification number (PTIN) from the IRS in order to prepare a tax return in exchange for compensation.

Persons: —, it's, Kristine Stevenson Seale, Seale, It's Organizations: Service, IRS, Society of Accountants, Better, BBB, Chevron Locations: Austin , Texas, Chevron

☆ 'Buyer beware.' Anyone can call themselves a tax preparer. Here’s how to find a qualified professional
▼ + stars: | 2023-10-05 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There's a staffing shortage in the accounting industry, and it's not too early to lock in a tax preparer for next season. "Buyer beware," said April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. "Truly, anybody can call themselves a tax preparer." In her 2022 annual report to Congress, National Taxpayer Advocate Erin Collins highlighted the "absence of minimum competency standards for return preparers" as a top problem. When a preparer makes a mistake, the filer is ultimately responsible for their return and can face IRS enforcement action, she wrote.

Persons: it's, Walker, Roth, there's, Erin Collins Organizations: American Institute of CPAs, Finance, IRS, National

☆ If Social Security benefits were cut, here's how much more you'd need to save for retirement
▼ + stars: | 2023-10-03 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

In order not to run out of money in retirement, she'd need to save $375 a month in her workplace 401(k) plan — if the Social Security program remains fully in place. "The old-age poverty rate would soar if Social Security benefits were cut," said Richard Johnson, a senior fellow at the Urban Institute. The future of Social Securitywatch nowThe Social Security program has been weakened by a rise in people retiring and the fact that people are living longer. As a result, without any action from lawmakers, the trust fund that supports Social Security benefits for retirees is estimated to run dry in 2033. Workers would continue to pay Social Security payroll taxes, and those collected funds would still be payable to retirees.

Persons: Araya Doheny, Douglas Boneparth, Boneparth, Clifford, Cornell, Biden, Richard Johnson Organizations: Michell, Steel, Getty, Social, Security, CNBC, Workers, Clifford Cornell, Social Security, Finance, IRS, Center, Budget, Urban Institute, Social Security Administration Locations: Cypress , California, New York

With consumers turning to social media for financial information, tax advisors are often battling misinformation spread by influencers on popular platforms like TikTok. Nearly 80% of millennials and Gen Zers have used social media for financial advice, according to a 2023 Forbes Advisor survey of more than 1,000 American adults. Some 32% of respondents cited TikTok as a preferred platform for financial information. "It's a wealth of horrible information," said Josh Youngblood, an enrolled agent and owner of The Youngblood Group, a Dallas-based tax firm. "We can almost always tell when there is some new TikTok trend because a lot of us start getting the same questions from our clients," he said.

Persons: influencers, Gen Zers, Josh Youngblood, Roth, —, Youngblood Organizations: Forbes, Youngblood, Finance, IRS Locations: millennials, Dallas

☆ IRS to target 'unscrupulous' tax preparers amid crackdown of small business tax credit
▼ + stars: | 2023-09-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Chip Somodevilla | Getty ImagesIRS scrutiny of the employee retention creditThe plan is part of the agency's elevated focus on employee retention credit claims, according to April Walker, lead manager for tax practice and ethics with the American Institute of CPAs. A pandemic-era tax break, the employee retention credit, or ERC, was designed to support small businesses that kept employees on payroll during shutdowns or revenue declines in 2020 and 2021. He included the earned income tax credit, a tax break claimed by low- to moderate-income filers, which has been prone to mistakes due to complex eligibility requirements. While IRS audit rates have dropped overall, the rates have declined more slowly for filers claiming the earned income tax credit than higher earners. "The IRS audits a higher percentage of taxpayers with the earned income tax credit than any other taxpayers, except those with at least $5 million of total positive income," National Taxpayer Advocate Erin Collins wrote in her 2022 report.

Persons: Daniel Werfel, Chip Somodevilla, April Walker, Werfel, Chuck Marr, Erin Collins Organizations: Senate, Getty, American Institute of CPAs, ERC, IRS, Budget, National Taxpayer, filers Locations: Worth

☆ Visual Highlights From the 'More Than Words' Project
▼ + stars: | 2023-09-15 | by ( Wilson Liévano | ) www.usnews.com time to read: +13 min

Many of those who only speak Spanish are frustrated that language barriers get in the way of public safety information. Cabrera works long hours and would like to find community and services for her 79-year-old mother, but language barriers holds them back. (Emree Weaver / Yakima Herald-Republic)YAKIMA, WASHINGTON – In Yakima County, which is 52% Hispanic and largely agricultural, local health care systems have had to adapt to the needs of the population. (Emree Weaver / Yakima Herald-Republic) Rigo Zepeda, an advanced registered nurse practitioner, demonstrates how providers use a video remote interpreting device at MultiCare Yakima Memorial, in Yakima, Washington. (Emree Weaver / Yakima Herald-Republic)

Persons: Victoria Franco, Harika Maddala, Catchlight Local Salvador Reyna Madryc, Luis Magaña, Ignacio Yepez, Rosa Cardenas, Rosa Trevizo, Doug Kuehne’s, Gerdrado Serrano, Griselda Juarez, Juarez, Gabriela Martínez, Esmirna Jiménez, Jimenez, Pedro Ferreras's, Pedro Ferreras’s, ’, “, ” Jiménez, Gabriela Lozada, Flerida Moriel, Mirla Cabrera, Cabrera, Flerida, Moriel, ”, ” Cabrera, don’t, They’re, NHPR, Santiago Ochoa, Emree Weaver, YAKIMA , WASHINGTON –, Granger, Bertha “ Lily ” Gonzalez, Maria Guadalupe Diaz, Diaz, Lisaola, Rigo, Angelina Garcia, Bertha Lopez Organizations: America, . News, Services, Victoria, Catchlight Local, Flea, Stockton, News, Loel, Spanish, New, American Community Survey, Social, Derry, New Hampshire Public, Flerida, HAMPSHIRE, Immigration, New Hampshire Public Radio, Facebook, Yakima Herald, Yakima Herald -, Yakima Herald - Republic Workers, Census, Memorial Cornerstone Medicine, Memorial Locations: Stockton Text, Bay, Bay City, Stockton , California, STOCKTON , CALIFORNIA, San Joaquin County, Spanish, Lodi , California, Weston, United States, Dominican Republic, Harrisburg , Pennsylvania, WITF, HARRISBURG , PENNSYLVANIA, Pennsylvania, New American, Carlisle, Harrisburg, Allison Hill, NHPR, MANCHESTER, Manchester, New Hampshire, Nashua, New, Peru, Yakima, Yakima Herald - Republic, Cowiche , Washington, YAKIMA , WASHINGTON, Yakima County, Toppenish, Wapato, Republic, Yakima , Washington, Yakima County’s

☆ Office workers everywhere are about to face their own Uber moment
▼ + stars: | 2023-06-05 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

In other words, the lessons learned from months or years of experience are baked into an AI tool. The rise of AI tools could help millions of new software developersMicrosoft CEO Satya Nadella for example recently told Time that AI tools could lower the barriers to entry for software developers. This doesn't mean the great software developers won't remain great software developers but the ability for more people to enter the field will increase. That's good news for many wannabe software developers, but it's also bad news for many existing ones. "But for the most part, people in these jobs will just face more competition, similar to taxi drivers as Uber proliferated."

Persons: Uber, —, you'll, Carl Benedikt Frey, Erik Brynjolfsson, Lindsey R, Raymond, Danielle Li, Satya Nadella, it's, Aki Ito, Frey Organizations: Service, Transport, Oxford Martin School, Fortune Locations: London

☆ US IRS to launch free tax e-file pilot program in 2024
▼ + stars: | 2023-05-16 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 16 (Reuters) - The Internal Revenue Service on Tuesday said it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an exploratory report to Congress that 72% of American taxpayers surveyed said they were "very interested in" or "somewhat interested in" using a government tool to electronically file their tax returns. The size, scope and complexity of the pilot program, to be available in the 2024 tax filing season, has yet to be determined, IRS Commissioner Danny Werfel told reporters, adding that Treasury Secretary Janet Yellen directed the IRS to launch the pilot after reviewing the report. "Americans will be powerless when the IRS completely controls the tax filing process from start to finish," Smith said in a statement. Werfel noted that all filing options would continue, including free e-file options from private firms and non-profit tax advocacy services, paid filing by tax preparers, and free paper filing to the IRS.

☆ IRS to launch free US direct tax filing pilot program in 2024
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, May 16 (Reuters) - The Internal Revenue Service on Tuesday said it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an exploratory report to Congress on the issue that a majority of American taxpayers have indicated in surveys and in other research that they are interested in using a free government-provided tool to electronically file their tax returns. The agency estimated that a new direct filing system would cost between $64.3 million and $248.9 million a year to operate, depending on the complexity of returns accepted and the number of taxpayers using the system. The size, scope and complexity of the IRS pilot program, to be available in the 2024 tax filing season, has yet to be determined, IRS Commissioner Danny Werfel told reporters. Reporting by David Lawder; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest premarket moves: Shake Shack, Charles Schwab, H&R Block, DuPont and more
▼ + stars: | 2023-05-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Charles Schwab -- Stock in the brokerage firm added 2.4% in premarket trading. SoFi Technologies -- The stock sank nearly 6% in the premarket following a downgrade by Wedbush to underperform from neutral. The Wall Street firm said SoFi's fee income may be reaching a tipping point and it may need to raise capital this year to support growth. Dupont De Nemours -- Shares added 2.7% in premarket trading after Deutsche Bank upgraded the chemical company to buy from hold. The Wall Street firm said the stock was trading at a 50% discount to its peers.

☆ Stocks making the biggest moves midday: Shake Shack, Charles Schwab, Activision Blizzard and more
▼ + stars: | 2023-05-15 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Oneok shares slid 7.7%. The IRS is due to release the report this week, the Wall Street Journal reported. Activision shares added 1%, while Microsoft was little changed. The Wall Street firm said shares trade at a significant discount to peers. The Coach and Kate Spade parent has a strong valuation and long-term investment case, the Wall Street firm said.

☆ You're late on your taxes. Now what?
▼ + stars: | 2023-05-10 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

Being late on your taxes isn’t ideal, but it happens. If you didn’t file for an extension, then it is too late to do that now, says Bell. Then there is the non-filing penalty, which is 5% of the unpaid taxes for every month late, up to 25%. But for those who are late in filing taxes, there really is only one path forward. “People have a lot of reasons for not filing taxes, and the main one is that they can’t pay,” says Bell.

☆ Taxes and adulting: What to know about filing taxes on your own for the first time
▼ + stars: | 2023-04-03 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

Taxes are genuinely confusingIf you’re confounded by filing your taxes, you may think it’s because you’re young and inexperienced. Organize everything before filling out anythingYour tax return is a financial snapshot of your life over a 12-month period, in this case 2022. Above those levels, the child tax credit starts to get reduced. Deadlines matterYour federal tax return is due on April 18. That is the day by which you must have filed your 2022 individual tax return and paid any remaining federal income taxes owed for last year.

☆ ChatGPT will most likely impact your job if you work in tech, went to college, and make up to $80,000 a year, research says
▼ + stars: | 2023-03-22 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Most American jobs are at risk of being impacted by AI like ChatGPT, researchers found. Educated, white-collar workers making up to $80,000 a year will be most affected by AI, per the study. Some jobs likely to be impacted include financial analysts, accountants, and writers. More specifically, the researchers wanted to find out which jobs are most likely to be "exposed" to the model's capabilities. The impact of AI on jobs increases as salaries gets closer to $80,000.

☆ Unlike last year, this tax season has been going smoothly
▼ + stars: | 2023-03-16 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

But by comparison, this year’s tax-filing season has been going relatively smoothly, tax preparers say. “After a few years of pandemic-related updates, mid-tax season IRS guidance, last-minute tax law changes and more, the ‘quiet’ is a welcome change to many,” the National Association of Tax Preparers said in a statement. Better but far from perfectA return to a more normal tax-filing season doesn’t mean tax preparers and their clients are getting all the guidance that they need, though. But the quality of the answers to their questions and request for guidance has still left some tax preparers wanting. And when it comes to online services, Colorado-based enrolled agent John Dundon II has noticed some improvements as well.

Pros Check mark icon A check mark. Expert help is available with every filing package Check mark icon A check mark. Pay less than H&R Block and TurboTax and get a comparable experience Check mark icon A check mark. Efficient and streamlined interface Check mark icon A check mark. Ability to set up reminders to pay estimated quarterly taxes throughout the year Check mark icon A check mark.

☆ Over 16 million taxpayers from states like California should hold off on filing their taxes because of extra stimulus checks, the IRS says
▼ + stars: | 2023-02-08 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

In 2022, some states opted to give residents checks or tax rebates to offset the cost of inflation. Now, the IRS is looking into those payments and their taxability, and advising taxpayers who received them to wait on filing their federal returns. Now, it's unclear whether those checks might lead to a surprise tax burden, and even the IRS isn't sure. The IRS said that, for filers who aren't sure whether their state payments will be taxed, they recommend waiting until there's more guidance. By the state's accounting, its Middle Class Tax Refund — which ranged from $350 to $1,050 — reached over 31 million taxpayers and dependents.

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