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IRS Responds to Series of Scams Promoted on Social Media Sites:
There are several scams centered around the Fuel Tax Credit, the Sick and Family Leave Credit and household employment taxes which are being promoted on social media sites, particularly TikTok.

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Fincen Updates Frequently Asked Questions on BIO Reporting for Closed Entitles:
The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information Frequently Asked Questions to include responses to questions about entities that have ceased to ex

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Changes in Social Security Online Account:
The Social Security Administration has announced that customers who created an online account (e.g., my Social Security account) before September 18, 2021, will soon be required to transition to a

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IRS Tops $1 Billion in Past-Due Taxes Collected From Millionaires:
The IRS has stepped up activity specifically on 1,600 individuals whose incomes were more than $1 million per year and who each owed the IRS more than $250,000 in recognized tax debt.

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Clean Vehicle Credits - New Form 15400, Clean Vehicle Seller Report:
The IRS has provided a draft of the Form 15400, Clean Vehicle Seller Report (also known as “Time of Sale Report), which is r

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IRS National Tax Forum - Chicago Notes:
This past week we finished the first of five IRS Tax Forums for 2024 in Chicago. It was great to see all of you who stopped by our booth or the table to say hi.

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PROPOSED RULE WOULD ALLOW IRS TO ACCEPT TAX PAYMENTS BY CREDIT OR DEBIT CARDS:
The IRS has proposed regulations allowing the agency to directly accept tax payments by credit or debit cards without havi

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FTC BAN ON WORKER NONCOMPETE AGREEMENTS DELAYED BY JUDGE:
Note from the Editor: In an earlier issue of Tax Tidbits we had provided information regarding the FTC ruling on noncompete agreements.

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IRS WARNS OF NEW SCAM TARGETING CLEAN ENERGY TAX CREDIT:
The Internal Revenue Service today warned taxpayers not to fall victim to a new emerging scam involving buying clean energy tax credits. In this latest scam, the IRS is seeing instances where

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