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The Treasury Inspector General for Tax Administration (TIGTA) recently released a report that led to some negative publicity for the Internal Revenue Service (IRS). The report shows the IRS failed to hold over 30,000 tax return professionals accountable for their own tax bills. What was this report? The report focused […]
Category: Audits
The Internal Revenue Service (IRS) recently announced measures aimed to help reduce taxpayers’ financial burden when it comes to their tax bills. These measures include: Measure #1: Installment Agreements. The agency has stated that it will suspend tax payments for those who have an existing installment agreement from April through […]
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 […]
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 […]
The tax season has extended beyond the rush at spring to get returns filed by April 15. Key reasons include: Extensions. Due to tax reform and difficulty understanding the new rules, a number of taxpayers requested extensions. This resulted in a drawn-out busy season for tax preparation professionals and taxpayers who file […]
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 […]
The United States tax system is complicated. To make matters even more difficult to navigate, the government recently changed the tax code with the Tax Cuts and Jobs Act (TCJA). A failure to follow the rules can result in serious fines and, depending on the mistake, potential imprisonment. The following […]
The Department of Justice (DOJ) recently released an indictment for Todd and Julie Chrisley, from the show Chrisley Knows Best. The government has charged the couple with tax crimes including bank fraud and tax evasion. According to the government, the reality television stars would fraudulently obtain bank loans and failing […]
Solar power is one form of energy that can help to reduce greenhouse gas emissions. Local and federal taxing agencies offer tax abatement programs to help offset the high initial cost that comes with converting to solar power. Lawmakers use these programs to reduce or eliminate property taxes for those […]
Opening up your mail to find a letter from the Internal Revenue Service (IRS) likely leads to stress. Unless you are expecting a tax return in the form of a check — that is likely the only time anyone is excited to get a mailing from the Uncle Sam. For […]