Tax Day signifies a payment due date for more than just individual’s income tax returns. The Internal Revenue Service (IRS) also expects payment of the first quarterly tax payment for 2019 on April 15. What are quarterly tax payments? The IRS often requires quarterly tax payments for taxpayers who do not […]
Author: Lawrence Brown
The United States Department of Justice (DOJ) continues to crackdown on tax preparation fraud. The government takes the threat so seriously that the Internal Revenue Service (IRS) has listed return preparer fraud as one of its Dirty Dozen Tax Scams. What is the most recent case? The DOJ recently filed a case against […]
The Internal Revenue Service (IRS) recently expanded the penalty relief for taxpayers who owe taxes for the 2018 tax year. In the past, the agency would charge a penalty on taxpayers who failed to pay at least 90 percent of their tax obligation during the tax year. Employers generally take […]
Recent data shows that only 16 percent of United States taxpayers adjusted their withholdings after the new tax law passed. Without a change to one’s withholding status, taxpayers could find themselves facing an unexpected tax bill this tax season. Two options for taxpayers struggling with their tax bill: Installment plan […]
The Internal Revenue Service (IRS) requires tax preparation professionals use a Preparer Tax Identification Number (PTIN). The number serves in a similar manner as a Social Security Number, providing a tax preparer with a unique identifier. The IRS states these numbers help tax preparers avoid using their own Social Security […]
The Internal Revenue Service (IRS) has a number of tools it can use to demand tax payment from taxpayers. Those who fail to make their payments can face additional fees and have the government take the money directly from their paycheck through levies. Another tool available to the IRS: they […]
Whistleblowers who inform the IRS about noncompliant tax behavior by others are eligible for financial awards in certain circumstances. In most cases, the taxpayer in question is the whistleblower’s employer. The IRS operates a program that makes the awards. In this post, we’ll address common questions about the program. What […]
We live in a world where global investments are common. Flights can get us from country to country in a matter of hours. This ability to travel has resulted in the ability to become global citizens — putting large quantities of time and money in different countries. United States citizens that choose […]
One of the benefits of owning your own business is the ability to take advantage of certain tax savings. In some cases, space in your home used as an office could result in a deduction as well as computer expenses and the like. These more traditional expenses are well defined by the […]
The line between a gift and income in the eyes of taxpayers is not always clear. A recent case, Felton v. Commissioner, provides an example. In this case, the Internal Revenue Service (IRS) argues a taxpayer’s claimed gift was actually income. As such, it would be subject to a higher tax […]