Episode 49: IRS Updates Going into 2023
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Show Notes
In this episode we discuss:
- Forgiven student loans are not taxable on a federal level, but your state/locality may be different.
- The IRS has announced that they will give relief for the failure to file penalty for 2019 and 2020 returns.
- The IRS is enhancing focus on compliance for Subchapter – S and Partnerships.
- Expect enhanced questioning regarding virtual currency on 2022 Individual Tax Returns.
- Erroneous IRS Notices
Did you know that the FBI estimates 10% ($80B) of all PPP funds were taken by fraudsters. Additionally, $90B up to $400B of COVID unemployment programs are thought to have been defrauded, half of which is thought to have been stolen by international hackers.
We hear the story of the worst of the worst. Richard Ayvazyan and his wife Marietta Terabelian, along with several members of their families stole over $20M in PPP loans and Economic Disaster Loan funds. Hear how this California couple defrauded America and then fled.