Oct 1, 2026 | Chicago CPA
The morning of Wednesday, September 23rd began in an unremarkable fashion until a survey on business activity jolted financial markets, pointing to resilient growth and ongoing inflationary pressures. Selling in the bond market was then compounded by three key...
Oct 1, 2026 | Chicago CPA
The Paperwork Reduction Act of 1980 requires the IRS to estimate the hours taxpayers spend completing each form and the out-of-pocket costs they incur to prepare them. When you consider that the IRS by law must spend actual taxpayer dollars every year to determine how...
Oct 1, 2026 | Chicago CPA
Peymon Mottahedeh has spent the past three decades proclaiming that the federal income tax system is a fraud. With thousands of loyal followers across the internet, Mottahedeh, wearing his signature American flag tie, argues that there’s no law requiring 99% of...
Sep 24, 2026 | Chicago CPA
I’m dealing with a couple of situations involving my clients who are earning foreign income while living in a foreign country. Consequently, there are a couple of things everyone should know. 1 – Universal Income US Entities must report universal income on...
Sep 22, 2026 | Chicago CPA
The House of Representatives approved multiple tax administration bills under the suspension of the rules process, a fast-track procedure that allows for limited debate, no amendments, and passage upon an affirmative two-thirds vote. These measures, which attracted...
Sep 20, 2026 | Chicago CPA
Federal data shows that the Internal Revenue Service has accepted far fewer deals from taxpayers trying to resolve tax debts. The Service accepted about 5,500 Offers in Compromise (OIC) during fiscal year 2025. That’s a 57% decline from 2023, when the agency...
Sep 20, 2026 | Chicago CPA
The IRS advanced nearly 39K high-priority cases in its high-income non-filer initiative after the Treasury Inspector General for Tax Administration (TIGTA) alerted the agency during an audit that the cases remained stalled in first-notice status. As of June 30, 2025,...
Sep 14, 2026 | Chicago CPA
The Treasury Inspector General for Tax Administration (TIGTA) released several reports this week, including one evaluating the Small Business/Self-Employed Division’s current approach to addressing cases involving non-filers. The report indicated that the IRS reached...
Sep 14, 2026 | Chicago CPA
One of the most common questions I get asked is, “When should I apply for Social Security Benefits?” My response has always been, “If you can tell me the month and date of your death, then I can easily do the math to tell you the optimal date for the...
Sep 9, 2026 | Chicago CPA
This involves purchasing collapsible housing units offered by a Utah-based company where supposedly, you can claim a tax deduction of five times your cash outlay with a rapid depreciation deduction. According to the pitch, purchasers can then rent the unit to...
