New Year celebrations are done, and many may be reconsidering their resolutions. It is not too late to make another resolution, a resolution that financial professionals note will likely lead to eased mental stress and reduction of the stress that tax obligations can put on your finances. Make the resolution to get your taxes in order.
These three tips can help.
Getting a letter from the Internal Revenue Service (IRS) is likely to cause stress in even the most rule abiding taxpayer. But when should a notification really be of concern? Three specific times a taxpayer should worry include:
The Internal Revenue Service (IRS) keeps a close watch over tax return professionals. Tax preparers must file tax returns on behalf of their clients wisely, getting the best possible returns for their clients while remaining within the bounds of the law, or else faces serious consequences. Three recent cases provide an example of the severity of penalties that can result from an error.
Farmers may find their tax burden eased in 2020. Lawmakers passed a number of laws before heading out for the holiday break that will impact their tax obligations in the new year. Three examples include:
The United States Department of Justice’s (DOJ) Tax Division recently announced the sentencing of a Waco, Texas tax return professional to 27 months imprisonment for tax crimes. The government claims the accused inflated client’s deductions and claimed fraudulent education credits.
Overall, the government says that over a span of two years, from 2013 through 2014, the accused cost the Internal Revenue Service (IRS) over $1.3 million in tax revenue.
Now may be a good time to buy a lottery ticket. The most recent report shows the Mega Millions lottery is at $340 million. If no one wins at the drawing is coming Friday, the winnings will grow even more.
Although the lottery is currently set at a very large number, it is important to note those who win the lottery do not take the entire amount home. Uncle Sam will take a cut.
The Department of Justice (DOJ) recently announced a physician accepted a plea deal after facing accusations of tax evasion. The government stated the physician failed to report on his tax returns for 20 years.
Was it an accident?
The Tax Cuts and Jobs Act (TCJA) is in full effect during this tax season. Although we may have learned a lot after going through last year’s tax filings, many tax preparation professionals are still struggling to correctly apply the nuances of this complicated piece of tax reform.
As we prepare for the new year, taxpayers throughout the country are likely getting things in order for their tax filings. While gathering these documents, some may find themselves wondering what happens if they mess up. Will it lead to an audit? The following will delve into three of the most common questions that arise regarding tax audits, including when a mistake can result in a visit from the Internal Revenue Service (IRS).
A failure to file tax returns can come with serious penalties for any taxpayer. However, those who specialize in filing tax returns as a profession can face even harsher penalties. These can include:
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