The new tax law has led to a number of changes that could impact your tax bill. As a result, you may need to review how much of your tax bill is covered by your paycheck. In some cases, you may need to adjust your tax withholding status. Who should […]
Category: IRS
Fuel taxes are important. These taxes help fund the nation’s infrastructure, they fund bridge and highway updates. They exist at both the federal and state levels throughout the country. There is concern that the current gas tax is too low. The federal gas tax is just over 18 cents. It has […]
The Taxpayer Bill of Rights (TBOR) is more than just a guideline to better ensure employees of the Internal Revenue Service (IRS) treat taxpayers fairly. Congress officially added the rights to the Internal Revenue Code (IRC). This means the IRS Commissioner is tasked with ensuring all IRS employees act in […]
Tax preparation firms will likely see a spike in demand for tax services as the year closes out. Both houses approved the tax bill and sent it to President Donald Trump’s desk. Upon receipt, the president fulfilled his promise. He signed the bill into law prior to heading out for […]
Keeping up to date with the proposed changes and the debates regarding tax reform occurring within the Senate and House is a daunting, potentially impossible task. A number of changes are under discussion, but two big ones that specifically impact business owners are the corporate tax rate and pass-through taxes. […]
The IRS sends out tens of thousands of notices annually to individual and business taxpayers. The reasons for these vary, but can include requests for additional information, payment reminders, audit or investigation notices, refund checks and more. Most of these are fairly basic and straightforward. A simple response, an additional […]
The Internal Revenue Service (IRS) has a reputation for making tax matters difficult. Filling out tax forms is not an easy matter, but the agency has made matters even more difficult when it comes to cryptocurrency. Why are tax matters for cryptocurrency so difficult? The biggest issue is the agency’s failure […]
The Foreign Account Tax Compliance Act became law in 2010. It requires that foreign financial entities report certain accounts that are owned by citizens of the United States. A failure to comply with this law can result in stiff penalties, including a 30 percent withholding tax on income from the […]
American authorities at the Department of Justice and the Internal Revenue Service are continuing their ongoing investigation into Swiss banks to determine compliance with the regulations set forth by the Foreign Accounts Tax Compliance Act (FATCA). Their investigation has now branched out to include Swiss insurance companies. Specifically, investigators are […]
The Internal Revenue Service (IRS) and Federal Bureau of Investigations (FBI) recently announced that the public should be on the lookout for the latest scam. The scam is successful because it is deceptively realistic. It involves an email with a claim that one of these federal agencies is attempting to […]