The Internal Revenue Service (IRS) is trying, yet again, to hold Facebook accountable for tax obligations in the United States. If successful, the IRS could claim more than $9 billion dollars in tax payments. The most recent courtroom battle between the federal agency and the social media platform is just one in a series of battles around this issue that have been in the works for years, reaching back to transactions that took place in 2010.
It is that time of year again. Taxpayers throughout the country are gathering tax forms and starting to figure out how to put together returns for the 2019 tax year. While getting this information together this tax season, some may wonder how the Internal Revenue Service (IRS) decides whether or not to conduct a tax audit.
The tax season has extended beyond the rush at spring to get returns filed by April 15. Key reasons include:
As we prepare for the new year, taxpayers throughout the country are likely getting things in order for their tax filings. While gathering these documents, some may find themselves wondering what happens if they mess up. Will it lead to an audit? The following will delve into three of the most common questions that arise regarding tax audits, including when a mistake can result in a visit from the Internal Revenue Service (IRS).
The United States tax system is complicated. To make matters even more difficult to navigate, the government recently changed the tax code with the Tax Cuts and Jobs Act (TCJA). A failure to follow the rules can result in serious fines and, depending on the mistake, potential imprisonment.
The Department of Justice (DOJ) recently released an indictment for Todd and Julie Chrisley, from the show Chrisley Knows Best. The government has charged the couple with tax crimes including bank fraud and tax evasion. According to the government, the reality television stars would fraudulently obtain bank loans and failing to pay their tax obligations.
Solar power is one form of energy that can help to reduce greenhouse gas emissions. Local and federal taxing agencies offer tax abatement programs to help offset the high initial cost that comes with converting to solar power. Lawmakers use these programs to reduce or eliminate property taxes for those who partake in the program.
Opening up your mail to find a letter from the Internal Revenue Service (IRS) likely leads to stress. Unless you are expecting a tax return in the form of a check — that is likely the only time anyone is excited to get a mailing from the Uncle Sam.
There are some activities that are synonymous with summertime: barbeques, boat rides and family road trips are a few that often come to mind. In some cases, summer fun can lead to tax savings. Three examples to watch for include:
Business owners must balance their passion for their market with business logistics. Owners must manage their budgets and, at times, navigate human resources issues. In some cases, the owner may even need to navigate a discussion with the Internal Revenue Service (IRS). This conversation would occur if the agency decides to conduct an audit on your business.