Estimates for damage caused by Hurricane Harvey are already close to $200 billion. These estimates are more than just numbers; they represent people’s homes and livelihood. A recent report by USA Today notes that individuals are scrambling to figure out where to live, what pieces of property are salvageable and whether or […]
Category: IRS
10 million taxpayers recently received an unexpected penalty by the IRS. The problem? These taxpayers underpaid their estimated taxes. When does a tax penalty apply? Essentially, a penalty may apply if a taxpayer does not pay 90 percent of his or her tax obligations throughout the year. The penalty applies to […]
Individual Taxpayer Identification Numbers (ITINs) are numbers that are issued by the Internal Revenue Service (IRS) for those who are not able to get a social security number but still have tax obligations. Some of these numbers are up for renewal this year. Is my ITIN up for renewal? Those with an […]
The Internal Revenue Services (IRS) commissioner recently testified at the Senate Financial Services and General Government Subcommittee hearing on the potential for serious issues in future tax collection efforts. Ultimately, his message is that the agency continues to receive subpar funding. Without proper funds, he contends, the agency cannot perform […]
The sharing economy has proved a conundrum for the Internal Revenue Service (IRS) for years. How can the federal agency efficiently tax a market that operates almost solely online; an economy that involves an exchange generally just between two people? It appears the federal agency may have found an answer. […]
The Internal Revenue Service (IRS) is trying to reboot efforts to outsource tax debt collection efforts. What does this mean? This means that four different companies are now allowed to contact and demand payment from taxpayers. The companies are CBE Group, Conserve, Performant and Pioneer. Any other company claiming to […]
As we’ve discussed in a previous post, there are several positive aspects of using a Professional Employer Organization (PEO). Partnering with a PEO can result in significant cost savings in terms of health and unemployment insurance premiums, as well as much less hassle in terms of payroll, human resources issues […]
Are businesses treated as individuals under tax law? Based on previous cases, it would appear the answer to this question is yes. Corporations are responsible for taxes and appear to receive many of the same protections as are present for individuals. Although this would seem to be an established precedent, […]
If you have previously done your own taxes, or you’ve had a pressing tax-related question, chances are good that you have consulted the IRS website, IRS.gov for guidance. You may have, like many of us, assumed that the information you found on the official website of the IRS would be […]
Trust is necessary for a successful marriage. In our tax practice, we see how misplaced reliance on a spouse’s integrity may not only break a heart, but also bring an undeserved tax bill. Innocent spouse relief The IRS has a legal mechanism that may help a blameless spouse in this […]