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The tax season has extended beyond the rush at spring to get returns filed by April 15. Key reasons include: Extensions. Due to tax reform and difficulty understanding the new rules, a number of taxpayers requested extensions. This resulted in a drawn-out busy season for tax preparation professionals and taxpayers who file […]
New Year celebrations are done, and many may be reconsidering their resolutions. It is not too late to make another resolution, a resolution that financial professionals note will likely lead to eased mental stress and reduction of the stress that tax obligations can put on your finances. Make the resolution to get […]
Getting a letter from the Internal Revenue Service (IRS) is likely to cause stress in even the most rule-abiding taxpayer. But when should a notification really be of concern? Three specific times a taxpayer should worry include: Intentional falsification of tax records. Did you inflate income or overestimate deductions? Maybe you […]
The Internal Revenue Service (IRS) keeps a close watch over tax return professionals. Tax preparers must file tax returns on behalf of their clients wisely, getting the best possible returns for their clients while remaining within the bounds of the law, or else faces serious consequences. Three recent cases provide an example […]
Farmers may find their tax burden eased in 2020. Lawmakers passed a number of laws before heading out for the holiday break that will impact their tax obligations in the new year. Three examples include: Health Insurance Tax. One of the laws that Congress addressed before break was the Health Insurance […]
The United States Department of Justice’s (DOJ) Tax Division recently announced the sentencing of a Waco, Texas tax return professional to 27 months imprisonment for tax crimes. The government claims the accused inflated client’s deductions and claimed fraudulent education credits. Overall, the government says that over a span of two […]
Now may be a good time to buy a lottery ticket. The most recent report shows the Mega Millions lottery is at $340 million. If no one wins at the drawing is coming Friday, the winnings will grow even more. Although the lottery is currently set at a very large number, it is important […]
The Department of Justice (DOJ) recently announced a physician accepted a plea deal after facing accusations of tax evasion. The government stated the physician failed to report on his tax returns for 20 years. Was it an accident? In most cases, a prison sentence tied to a tax crime involves […]
The Tax Cuts and Jobs Act (TCJA) is in full effect during this tax season. Although we may have learned a lot after going through last year’s tax filings, many tax preparation professionals are still struggling to correctly apply the nuances of this complicated piece of tax reform. Part of […]
As we prepare for the new year, taxpayers throughout the country are likely getting things in order for their tax filings. While gathering these documents, some may find themselves wondering what happens if they mess up. Will it lead to an audit? The following will delve into three of the […]