The agency will focus on tax issues that taxpayers are more likely to misunderstand, not know about, improperly handle on returns or ignore. In July 2019, the IRS Large Business and International division, referred to as LB&I, announced six new tax law compliance campaigns designed not only to uncover returns […]
Taking advantage of the many tax exemptions available to you can be a good idea. These can reduce or even eliminate your tax obligations. One common exemption involves property taxes, and an exemption can mean you do not have to pay a portion of your property tax bill. Unfortunately, knowing […]
The end of 2022 is right around the corner, making this a critical time for individuals and businesses interested in minimizing tax obligations and maximizing refunds. In the coming weeks, there are things you can do that can improve your financial outlook and avoid unfortunate surprises in 2023. Get organized […]
Tax laws are notoriously complicated and confusing. Average taxpayers rarely have a solid grasp on what they need to know, and in some cases, it takes the U.S. Supreme Court to interpret these laws. For instance, the Bank Secrecy Act has been in place since 1970, but interpretive problems still […]
Learning that the IRS is going to audit you or your business can be incredibly stressful. You may be worried about the time or expense it will take to prepare for the audit or nervous that it will reveal mistakes or misconduct and trigger harsh penalties. However, not all audits […]
As we have discussed on this blog numerous times, the tax laws in the U.S. are changing all the time. Just as you might think you have a handle on your tax obligations as an individual or married couple, something can change that brings you back to square one. For […]
You’ve been a business owner for the last year. It is the first time you’ve run your own company, and fortunately, the business has done very well. You’re excited about the future and the revenue you earned. However, you’ve only done personal taxes before. You attempted to do your business […]
Tax disputes can be stressful and complicated. It takes time, money and energy to resolve these issues, so it is crucial to avoid mistakes that can delay or derail the process. For instance, if you wish to appeal a decision by the IRS, you may have the option to appeal. […]
Financial windfalls and gifts can be incredibly exciting. However, they can also introduce some tax-related complications. If you come into money or recently acquired a pricey collectible, it can be incredibly wise to consult a tax professional to help you assess your options. This might well be the next step […]
One of the most common responses individuals have to tax-related issues is to panic. It is indeed a serious matter if you find that you are unable to pay your taxes, but rest assured that you do have options. An installment plan If you cannot pay your taxes, you can set […]