With Tax Day 2017 now in the rearview mirror, those who filed their returns at the eleventh hour are more than likely anxiously awaiting their federal income tax refund, perhaps regularly checking their mailboxes or online accounts. While there’s no denying that it can take time for the Internal Revenue […]
Category: IRS
Government agencies around the globe are working together to find individuals that are hiding assets in an attempt to illegally reduce their tax obligations. A Justice Department statement recently provided an example of these collaborative efforts. It outlined how the Internal Revenue Service (IRS) is pushing a popular credit card […]
It is no surprise that the Internal Revenue Service (IRS) is cracking down on those who have failed to become compliant with tax obligations for foreign assets. In fact, the federal agency continues to list attempts to hide assets through the use of foreign bank accounts as one of its […]
It’s no secret that IRS service has suffered in recent years as the agency’s budget has been cut and cut again by Congress. In her annual report to Congress, the National Taxpayer Advocate, Nina Olson, marshals the numbers to show just how far the IRS’s headcount has fallen. The decline […]
The IRS’s budget has been going down, not up. These cuts have made the agency less able to play its accustomed customer-service role in helping taxpayers comply with the U.S. tax code. To be sure, the IRS also has its enforcement side, with penalties, audits, investigations and collection actions. Could […]
How can you catch up on back taxes? An announcement from the IRS last week could help. If you had too little withheld from your wages or took an early disbursement from a retirement account, you might have a significant tax obligation. Very few have liquid assets sitting around to […]
In the first part of this post, we took note of the provision put in place by Congress to authorize the IRS to revoke or deny passports due to “seriously delinquent” taxes. To be sure, certain requirements must be met. But if they are met, your passport may be at […]
In the past, being selected for an audit used to be a death knell for a business. Given the pervasive power of the IRS to investigate and review records, and then to institute penalties and interest that could cripple a business. To make things worse, businesses can’t always predict when […]
Let’s continue our discussion of tax refund offsets. There are various scenarios in which the IRS can hold on to a refund or subtract part of it to satisfy some other obligation. Having federal tax debt is one such scenario. As we noted in the first part of this post […]
Figuratively, to say that something is “legion” means it’s a very large number. Literally, the term refers back to ancient Rome, where a Roman legion contained thousands of soldiers, arranged into several smaller groups known as cohorts. In the figurative sense, it would be far to say that IRS notices […]