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 […]
The Tax Cuts and Jobs Act (TCJA) passed at the end of 2017 resulted in significant tax reform that will begin with the 2018 tax year. These changes will impact most small businesses in many different ways. One impact: fringe benefits. The Internal Revenue Service (IRS) recently outlined three specific changes […]
Taxpayers that requested a six-month extension to their filing deadline are fast approaching Tax Day. Those who applied and were granted the extension are expected to file with the Internal Revenue Service (IRS) by October 15. Who applies for an extension on tax returns? This group often includes those who have […]
The United States Department of Justice (DOJ) is cracking down on the fraudulent operation of tax preparation businesses throughout the country. The agency has recently pursued prosecution of such businesses in Florida, North Carolina and Georgia. The agency reports it has obtained injunctions against hundreds of tax preparation professionals over […]
The United States Department of Justice (DOJ) has joined in the fight against tax evasion. A recent case involving a Swiss bank provides an example of the government’s interagency efforts to hold those who evade tax obligations accountable for their wrongdoing. The agency has reached a settlement with the Swiss […]
The United States Attorney for the Southern District of Texas recently announced an obstetrician gynecologist out of Houston, Texas agreed to a plea deal after facing allegations of tax evasion. The government accused the physician of failing to file income tax returns for the last twenty years. How did the […]
Retirement is a time to get out there and explore. You have planned, saved and taken steps to ensure you are healthy enough to make the most of this stage of life. Why not use this well-earned time to enjoy a different part of the world? Before you take that […]