It is the busy season for those who offer tax preparation services. Tax season is starting to finish up and clients are often pushing for the biggest return possible. Providing the service your clients want while meeting the demands and regulations expected by the Internal Revenue Service (IRS) can be […]
Entrepreneurs know that paperwork can become unmanageable while running a business. Business owners are constantly making decisions on which material to keep and which to shred. But what if you inadvertently shred important tax documents or fail to file taxes at all? The Supreme Court of the United States (SCOTUS) […]
Lawmakers within Congress are poised to pass a tax law that could change the way we tax online sales. What is the new tax law? The proposal, Remote Transactions Parity Act, would provide states with the right to enforce local sales and use tax laws on remote transactions. This means that if […]
A group composed of the Internal Revenue Service (IRS), state tax agencies and businesses within the tax industry is working to address tax fraud. Thus far, the group’s efforts have proven successful. The efforts of the group translated to a 40 percent decrease in reported instances of identity theft in […]
Filing taxes is often a frustrating process. This frustration can grow exponentially in the event that a tax return triggers an audit by the Internal Revenue Service (IRS). You can mitigate the risk of becoming the target of an audit by becoming familiar with common triggers. When does the IRS […]
The new tax law has led to a number of changes that could impact your tax bill. As a result, you may need to review how much of your tax bill is covered by your paycheck. In some cases, you may need to adjust your tax withholding status. Who should […]
Fuel taxes are important. These taxes help fund the nation’s infrastructure, they fund bridge and highway updates. They exist at both the federal and state levels throughout the country. There is concern that the current gas tax is too low. The federal gas tax is just over 18 cents. It has […]
Savvy businesspeople and affluent individuals have utilized offshore money management strategies for years to take advantage of the significant tax savings that can be realized through the dynamic use of foreign accounts. However, navigating the murky waters between appropriate accounting and tax evasion can be a challenge, to say the […]
The Taxpayer Bill of Rights (TBOR) is more than just a guideline to better ensure employees of the Internal Revenue Service (IRS) treat taxpayers fairly. Congress officially added the rights to the Internal Revenue Code (IRC). This means the IRS Commissioner is tasked with ensuring all IRS employees act in […]
Tax season is upon us, which means tax scammers are ramping up their tactics to take advantage of tax payers throughout the country. The Internal Revenue Service (IRS) often sends out warnings about scams in an effort to better protect the public from becoming a victim. One specific scam the agency has […]