The Supreme Court of the United States issued a decision last year that will change the future of online shopping. The decision, Wayfair v. South Dakota, resulted in the ability of states to tax online purchases. Previously, a state would need to establish that the online business had a physical presence […]
Taxpayers have a short time to take advantage of tax savings before the end of 2018. Before ringing in the New Year, consider the following: Have you reviewed your tax deductions? As noted in previous posts, the Tax Cuts and Jobs Act led to a serious overhaul of the tax system. One […]
The sunset of the Offshore Voluntary Disclosure Program (OVDP) in September of 2018 left many taxpayers wondering how the Internal Revenue Service (IRS) would handle future disclosures. Would the IRS choose to renew the program? Would another take its place? The agency recently provided some guidance. Can taxpayers voluntarily come into […]
The United States Department of Justice (DOJ) and Internal Revenue Service (IRS) recently charged a tax preparation professional with 18 counts of aiding in the preparation of false tax returns. These charges were based on allegations the man filed fraudulent tax returns over a span of four tax years, from […]
This time of year, Black Friday and Cyber Monday are in serious competition for retail shoppers. In the past, Cyber Monday has had one distinct advantage over Black Friday: a lower tax bill. Cyber Monday shoppers could often take advantage of a final bill that did not include state sales […]
The Internal Revenue Service’s (IRS) General Crimes Unit recently conducted an investigation of a tax preparation professional accused of using her client’s information to perpetuate a fraudulent tax scheme. The agency accused the tax professional of filing false tax returns and stealing the identities of former clients for her own […]
The Internal Revenue Service (IRS) has released another publication calling taxpayers to review their withholding status. The tip is a good one for taxpayers throughout the country. A failure to properly adjust one’s withholding status can result in a big tax surprise when filing one’s 2018 tax returns. Why the […]
Getting audited by the Internal Revenue Service (IRS)? You likely have a number of questions. The first may be along the lines of: is this for real? If you got a phone call stating you are getting an audit, it may be a scam. If, however, you received a letter […]
The Internal Revenue Service (IRS) recently reminded tax preparation professionals to renew their Preparer Tax Identification Numbers (PTINs) for 2019. The IRS states current PTINs expire on December 31, 2018. How do I renew my PTIN? Tax preparation professionals that currently hold a PTIN or are looking to apply for a […]
The United States Attorney’s Office recently accused a former special agent with the Internal Revenue Service (IRS) Criminal Investigation Division with various tax crimes. According to the government, the former agent thwarted tax obligations by using a number of different illegal methods to reduce her tax bill. Her alleged wrongdoing included: Deductions. The […]