Given the complexity of the U.S. tax code, it is scarcely surprising that many Americans use professional tax preparers. Often people use the same trusted preparer year after year. This can provide an important element of continuity amid the tax law changes that seem to come every year. It is […]
Category: IRS
The Treasury Inspector General for Tax Administration found that almost 1200 IRS vendors, about 7% of all IRS vendors, had almost $600 million in combined federal tax debt! Over half a billion dollars in unpaid taxes by those who are working for the agency in charge of tax collection is […]
The IRS has delayed the date it will start accepting tax filings by about ten days due to the 16-day government shutdown in October. The delay is necessary, the IRS states, because it needs more time to run tests on its systems. The agency is also in the middle of […]
One of the threads we are following in this blog is the role Congress has tasked the IRS to play in the implementation of the Affordable Care Act (ACA). This role includes much more than imposing (fairly light) tax penalties on people who do not comply with the so-called “individual […]
Thanksgiving is next week, and that will kick off the holiday season. Family activites and various year-end festivities are naturally moving to the forefront of people’s minds. In the rhythm of American life, however, an approaching New Year’s holiday also means a new tax year is approaching as well. And […]
“I hate to beat a dead horse, especially one from the Civil War era,” said Justice Department Tax Division lawyer Gilbert Rothenberg while attempting to defend the Obama administration’s effort to regulate the tax return preparation business for the first time in U.S. history. The administration’s case was based largely […]
Income tax fraud based on identity theft has been a major problem in recent years. The entire country has been affected and the problem is still ongoing. Indeed, as we shall discuss in this post, tax fraud by identity theft tops the list of tax-scam warnings issued this year by […]
This weekend, parents of school-aged children will cram Dallas-area shopping malls and department stores to take advantage of Texas’ “tax-free weekend.” Between Aug. 9 and Aug. 11, Texas will temporarily suspend the normal sales tax on most clothing, shoes and school supplies under $100. The idea is to give families […]
For better or worse, the Internal Revenue is poised to play a key role in the implementation of the Affordable Care Act (ACA). The tax aspects of the new law will affect businesses and individuals across the country. Congress passed the landmark health insurance law three years ago. And last […]
In our last post, we talked about the impact taxes can have on a family business. In most cases, family members want the best for each other; and that can be difficult in a business setting. But the one thing no one wants for their business (may family be involved […]