The Internal Revenue Service (IRS) recently released final and proposed regulations dealing with the global intangible low-taxed income (GILTI) provision. This provision was part of the Tax Cuts and Jobs Act (TCJA). The new regulations include a high-tax exception (HTE) to the GILTI. One potential benefit: taxpayers may be able […]
Category: IRS
Tax debt can quickly become unmanageable. What may start out as a few thousand dollars owed on back taxes can quickly escalate with penalties and interest. Taxpayers who find themselves facing this growing debt may question whether they will ever be able to settle their bills. In some cases, taxpayers […]
Retirement may mean the end of work … but it does not mean the end of dealing with the Internal Revenue Service (IRS). Depending on your retirement planning strategy, some of your income may remain taxable in retirement. Tip #1: Avoid stacked taxes Distributions from a 401(k) or IRA are […]
The Internal Revenue Service (IRS) recently published a news release warning taxpayers of a new impersonation scam. According to the agency, the scam involves unsolicited emails sent to taxpayers asking for tax payments. Details of the scam: Bad link leads to malicious file The IRS encourages taxpayers to be on […]
The Internal Revenue Service (IRS) recently announced it will send out 10,000 letters to those who own cryptocurrency. The agency’s communications are geared to help better ensure tax compliance. The problem: tax compliance regarding digital assets is unclear, at best. What is the confusion? Two main reasons. First, the country […]
Tax preparation and accounting offices throughout the country reported record-setting extension requests for tax filings this year. The increase was the result of many different factors, including: New tax law. The Tax Cuts and Jobs Act (TCJA) was, arguably, the biggest reason for the jump in extension requests. The new law […]
The American Bar Association’s taxation section recently held their annual meeting. This group of legal professionals from throughout the country met with representatives from the Internal Revenue Service (IRS) to discuss the agency’s focus in coming months. One of the main takeaway lessons from the meeting: representatives encouraged tax professionals to […]
United States citizens and resident aliens living abroad may still need to file taxes for the 2018 tax year. Tax obligations are broad and the reach of the Internal Revenue Service (IRS) is long — often extending past the country’s borders. If you do need to file and missed the […]
The recently public Uber Technologies Inc. is currently under investigation by the Internal Revenue Service (IRS). Bloomberg reports the agency is reviewing two years of the ride-sharing company’s tax filings. The company has stated the agency is simply conducting an “examination” in light of its recent initial public offering. Skeptics have voiced […]
College students are making the most of the gig economy. The ability to sell stuff on Etsy or E-bay or make some extra cash using their vehicle with Uber or Lyft. Although these side gigs can result in some serious side income, they also can make tax obligations more difficult […]