The COVID-19 pandemic has impacted almost every facet of our lives. Schools are closing, offices are having workers work from home when possible and grocery stores are starting to have shopping hours for high-risk shoppers only.
Will the next official announcement result in a change to our taxes?
Taxpayers throughout the country have voiced new frustrations about taxes the last few years. One common example: taxpayers who never owed a tax bill before found themselves owing the Internal Revenue Service (IRS) for the first-time last year and again this year. What went wrong?
In most cases, the problem lies within the taxpayer’s withholdings. In 2017, the Tax Cuts and Jobs Act (TCJA) led to the first major tax overhaul in decades. This change triggered a need for most taxpayers to review and adjust their withholding status. A failure to do so could result in the unexpected tax bill noted above.
April 15th is just around the corner. Taxpayers across the country are gathering their tax forms and filing out their tax returns. Some may be surprised to receive a small refund. Others frustrated to realize they owe an unexpected tax bill.
What went wrong? Why would a tax refund be lower than normal? Why would a taxpayer unexpectedly find themselves owing a tax bill?
The Internal Revenue Service (IRS) recently announced the arrest of a man charged with multiple counts of criminal tax fraud. The man was a tax return professional who allegedly committed these crimes during the course of his business. The agency claims the man had a reputation for getting clients high refunds - refunds the agency states were based on illegal claims within the clients’ filings designed to get the taxpayers an illegally inflated refund.
Digital currency, also referred to as cryptocurrency with examples like Bitcoin, continue to present hurdles for governments throughout the world. As discussed in a previous post, available here, the Internal Revenue Service (IRS) has made efforts to account for this asset. A recent report shows this government agency is not the only one responding to the continued presence of cryptocurrency.
The Internal Revenue Service (IRS) is trying, yet again, to hold Facebook accountable for tax obligations in the United States. If successful, the IRS could claim more than $9 billion dollars in tax payments. The most recent courtroom battle between the federal agency and the social media platform is just one in a series of battles around this issue that have been in the works for years, reaching back to transactions that took place in 2010.
It is that time of year again. Taxpayers throughout the country are gathering tax forms and starting to figure out how to put together returns for the 2019 tax year. While getting this information together this tax season, some may wonder how the Internal Revenue Service (IRS) decides whether or not to conduct a tax audit.
The tax season has extended beyond the rush at spring to get returns filed by April 15. Key reasons include:
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:
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