The Eighth Circuit Court of Appeals recently hit Wells Fargo with penalties for negligence related to tax matters. In the case, the government claims the bank wrongly claimed foreign tax credits. As a result, the court fined the bank a negligence penalty for claiming the credits. How much is the […]
Tax return preparers may enter the profession for many reasons. Some enjoy the math and the puzzle that can come with filling out tax forms, others enjoy working with people to help them get the most of their tax returns. Although there are many legal ways to reduce one’s tax […]
President Donald Trump recently signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. This law allows for a federal stimulus check to go to qualifying taxpayers in an effort by lawmakers to help taxpayers find their financial footing while navigating this pandemic. The exact amount varies, depending […]
A tax haven is essentially an offshore financial institution with low or no taxes known for confidentiality. Individuals can use these financial institutions to set up businesses. Examples of areas that can meet this definition include the state of Delaware, the Cayman Islands, Dubai and the Netherlands. How do taxpayers […]
Tax crimes may seem like a game of numbers. It may seem the Internal Revenue Service (IRS) will build their case based on whether or not the accused filed their tax returns, whether or not the listed income or deductions were in line with the reality of the accused’s financial […]
The Internal Revenue Service (IRS) recently announced measures aimed to help reduce taxpayers’ financial burden when it comes to their tax bills. These measures include: Measure #1: Installment Agreements. The agency has stated that it will suspend tax payments for those who have an existing installment agreement from April through […]
The Internal Revenue Service (IRS) along with the Treasury Department recently announced details about the distribution of economic impact statements. According to these agencies, most qualifying taxpayers will not need to take any action to receive the payments. The agency has stated it will use past filing information to help […]
The COVID-19 pandemic has impacted almost every facet of our lives. Schools are closing, offices are having workers work from home when possible and grocery stores are starting to have shopping hours for high-risk shoppers only. Will the next official announcement result in a change to our taxes? It is […]
Taxpayers throughout the country have voiced new frustrations about taxes the last few years. One common example: taxpayers who never owed a tax bill before found themselves owing the Internal Revenue Service (IRS) for the first-time last year and again this year. What went wrong? In most cases, the problem lies […]
April 15th is just around the corner. Taxpayers across the country are gathering their tax forms and filing out their tax returns. Some may be surprised to receive a small refund. Others frustrated to realize they owe an unexpected tax bill. What went wrong? Why would a tax refund be lower […]