Blog

U.S. Senator Jon Ossoff is fighting for Georgians facing unfair tax penalties due to mail delays. 

Sen. Ossoff launched an inquiry with the Internal Revenue Service (IRS) after receiving reports from Georgia constituents that they are being charged penalties and interest fees on late or missing filings and payments that they mailed to the IRS via USPS. 

As part of his inquiry, Sen. Ossoff is urging the IRS to waive penalties and interest fees incurred directly as a result of USPS delays.

Sen. Ossoff also urged the IRS to adjust taxpayer accounts in a timely manner so that interest and penalties do not accumulate and cause additional distress and confusion, and to escalate the processing of tax refunds for paper filers who have been impacted by USPS delays in Georgia. 

“Constituents have notified my office they are being charged penalties and interest fees on late or missing filings and payments that they mailed to the IRS via USPS,” Sen. Ossoff wrote to IRS Commissioner Daniel Werfel. “These tax filings are not arriving by statutory deadlines due to ongoing USPS performance issues and some filings even remain unaccounted for. Additionally, many of my constituents continue to experience financial hardship as a result of tax refund processing delays arising from ongoing problems with USPS management in Georgia.” 

For months, Sen. Ossoff has remained focused on applying maximum pressure on USPS leadership and conducting vigorous oversight of the USPS to resolve challenges Georgia families and businesses continue facing. 

In July, Sen. Ossoff met in Washington, D.C. with USPS Postmaster General Louis DeJoy to continue pressing for improved mail delivery service for Georgia families and businesses. 

Have an IRS Tax Problem?

     Contact the Tax Lawyers at

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)

Read more at: Tax Times blog

According to the Treasury Inspector General for Tax Administration (TIGTA) report, Virtual currency (or digital assets) has grown into a trillion-dollar industry that's been challenging for the IRS to enforce for tax compliance. 

TIGTA's Him himlatest report looks at the agency's efforts to identify income earned from virtual currency transactions. 

Between April 2020 and July 2023, the number of virtual currencies grew 420 percent. The anonymity of virtual currency and the fact that trading platforms don't consistently give reports to the IRS on virtual currency transactions complicates enforcement efforts. 

IRS Criminal Investigation has taken advantage of analytics tools to address virtual currency noncompliance. 

Have an IRS Tax Problem?

     Contact the Tax Lawyers at

Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)

Read more at: Tax Times blog

According to Law360, Fifty-eight tax jurisdictions have pledged to implement the Organization for Economic Cooperation and Development's crypto-asset information exchange system by 2027, the OECD said Thursday.

Members of the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes are in position for "rapid implementation" of the crypto-asset reporting framework, or CARF, the forum said in a report. The framework has the potential to bring substantial tax benefits by ensuring taxpayers are properly declaring their holdings of cryptocurrency and other digital assets, the report said.

The report was created for finance ministers and central bank governors of the Group of 20 nations, who are meeting in Brazil through Friday, the forum said.

The Global Forum's CARF group is using the rollout of the common reporting standard, the OECD's broader global information exchange model, as a guide for the implementation of the CARF, the report said. For example, it borrowed the common timeline principle, which aims to have jurisdictions committed to establishing the standards by a certain date.

Ten of the jurisdictions that have agreed to implement the CARF are developing nations, the report said.

The CARF group is aiming to identify and engage with all potentially relevant jurisdictions in advance of the 2024 Global Forum plenary meeting, the report.

Have an IRS Tax Problem?

     Contact the Tax Lawyers at

Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)

Read more at: Tax Times blog

The Joint Chiefs of Global Tax Enforcement  (J5) released its first report, detailing  that the intergovernmental tax enforcement group is investigating more than 30 active cybercrime cases tied to financial and tax criminal activities all over the world.his link will download a file

During the J5’s first 6 years, it has generated more than a hundred leads, seized millions of dollars in criminal proceeds, issued notices to financial institutions and thwarted fraudulent investment and boiler-room schemes. 

Have an IRS Tax Problem?

     Contact the Tax Lawyers at

Marini & Associates, P.A. 

for a FREE Tax HELP Contact us at:
www.TaxAid.com or www.OVDPLaw.com
or Toll Free at 888 8TAXAID (888-882-9243)

Read more at: Tax Times blog