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 […]
The Super Bowl is more than just a big football game. In addition to taking part in a prestigious game, players are also putting in another day at work. With this day at work comes earnings — and with work earnings comes tax obligations. Super Bowl players and winnings Payment […]
The sales and use tax results in funds for the state to use towards road construction, education and other government services. Various studies show that the amount of revenue collected through this tax is not nearly as large as it should be if it were a true reflection of items […]
Like other professionals, tax preparers may fail to recognize anything is wrong until their offices are searched and critical information is seized by federal agents. You can’t always count on getting a phone message from a federal agent, asking for a return phone call. If you sense that something isn’t […]
Falling behind in tax obligations can lead to more than just fines — it can result in the revocation of your passport. The Internal Revenue Service (IRS) recently published some guidance on this penalty, noting the agency has the authority to deny or revoke passports to those who are delinquent in tax […]