It’s late May 2026 and Michigan taxpayers continue to receive confusing “Notice of Adjustment” letters from the State of Michigan even after the Michigan Department of Treasury stated the issue had been corrected. Earlier this spring in April, Treasury acknowledged that an error affected adjustment notices tied to estimated tax payments and credit carryforwards. According …
Glitch in Tax Payment Systems If your phone and inbox have been lighting up with Michigan tax notices lately, you’re not alone. And it’s still happening as of late May – you can read on our other update posting. There’s a growing issue with the Michigan Department of Treasury incorrectly flagging 2025 estimated tax payments …
The IRS Is Sitting on Your Money—Here’s the Deadline The IRS recently shared that more than 1.3 million people still haven’t claimed their 2022 tax refunds, totaling about $1.2 billion. There’s a deadline, though. If you didn’t file your 2022 return, you have until April 15, 2026, to do it. After that, the money doesn’t …
Paper is Out – Digital is In Big news, tax nerds: the IRS is officially beginning the phase out of paper checks, starting with refund checks in your mailbox. Thanks to a March 2025 executive order, federal agencies are moving towards a more digital-first future. So what does this mean for you and your clients? Let’s …
Breaking Down the CTA Ruling Corporate Transparency Act Update March 3rd, 2025 – And the beat goes on….and on…. Great news for business owners and accountants! The Treasury Department just dropped a game-changing announcement: No more penalties or fines for U.S. businesses under the Corporate Transparency Act’s beneficial ownership reporting rules—now or after the upcoming …
At Lotito & Lazzara, we want to keep you in the loop about the latest updates from the IRS on the Employee Retention Credit (ERC). After reviewing the claims they’ve been processing, the IRS recently added some new red flags pointing to potential ERC claims issues. Businesses need to be aware of these warning signs …
IRS LT38 Collections 2024: Understanding the Resumption Notices The Internal Revenue Service (IRS) has recommenced the distribution of collection notices to taxpayers, marking a continuation of its automated reminder system. These notifications, which resumed dispatch in January, are being sent via regular postal service on a phased basis over the forthcoming months, targeting an audience …
Understanding the FinCEN Reporting Mandate What Small Business Owners Need to Know The year 2024 brings new federal reporting requirements for small businesses across the United States. This mandate, overseen by the Financial Crimes Enforcement Network, commonly referred to as FinCEN, a bureau of the U.S. Department of the Treasury, is aimed at combating financial …
Using Our New Gateway Portal At Lotito & Lazzara, we’re like the superheroes of privacy and security – we’ve got your back! Your comfort is our top priority, especially when it comes to handling your important tax info. That’s why we’ve leveled up our security game! Our new, shiny multifactor authentication process is like a …
IRS Raises Underpayment Penalty to 8%: What Gig Workers Need to Know The IRS Penalty for Underpayments Triples to 8% – Gig Workers and Consultants Beware! In a surprising turn of events, the Internal Revenue Service (IRS) has significantly increased its penalty for tax underpayments, soaring from 3% just two years ago to a whopping …
