Most remaining employee retention credit (ERC) claims show signs of fraud or errors, and the IRS will deny tens of thousands of the most obvious erroneous claims in the coming weeks, the Service said Thursday. The IRS also will start a new round of processing claims with the lowest risk of fraud while maintaining a moratorium on reviewing more recent claims...(more)

No matter your age, you’re probably saving for at least one milestone — whether it’s buying your first car, starting a family, buying a home, or funding your golden years. As you get older, your savings goals will likely change, and your savings account balance will fluctuate as well. This is why it’s important to have perspective and come up with a savings strategy that makes sense for your future goals and current finances. Still, it can be helpful to see how you compare to your peers. (more)

The IRS intends to close a tax loophole in several actions that agency leaders say could add over $50 billion to U.S. government coffers over 10 years. The Service announced Monday that it will propose new regulations and release a revenue ruling to challenge the use of basis-shifting transactions by complex partnerships. The Service also will bring in outside experts to help root out the use of what it described as "abusive partnership transactions" and set up new teams so it can focus on these issues...(more)

You probably think of debit cards and credit cards as two totally separate things: One pulls money from your checking account and the other lets you borrow against a line of credit. For the most part, that's correct. What most people don't realize, however, is that you can choose to use your debit card as "credit" at checkout. That doesn't mean you borrow money to make the purchase, but it does change some aspects of the transaction. Here’s what you need to know about running a debit transaction as credit. (more)