Taxpayers throughout the country have voiced new frustrations about taxes the last few years. One common example: taxpayers who never owed a tax bill before found themselves owing the Internal Revenue Service (IRS) for the first-time last year and again this year. What went wrong?
April 15th is just around the corner. Taxpayers across the country are gathering their tax forms and filing out their tax returns. Some may be surprised to receive a small refund. Others frustrated to realize they owe an unexpected tax bill.
Digital currency, also referred to as cryptocurrency with examples like Bitcoin, continue to present hurdles for governments throughout the world. As discussed in a previous post, available here, the Internal Revenue Service (IRS) has made efforts to account for this asset. A recent report shows this government agency is not the only one responding to the continued presence of cryptocurrency.
The Tax Cuts and Jobs Act (TCJA) is in full effect during this tax season. Although we may have learned a lot after going through last year’s tax filings, many tax preparation professionals are still struggling to correctly apply the nuances of this complicated piece of tax reform.
Tax preparation professionals will likely find themselves in a relatively stable career. After all, we can claim nothing to be certain, except death and taxes. As long as the United States government continues to collect taxes, people will continue to need help navigating their tax filings.
The Internal Revenue Service (IRS) may expand its focus when looking for tax fraud. The shift may come as a result of a recent whistleblower case. The case involves a former chief tax executive who reached out to the agency to call out his employer for alleged tax fraud crimes.
Not located in Texas? Then your business does not need to pay a state sales tax if a Texas resident buys your product, right? In the past, this was true. The application of a state sales tax to online transactions was essentially limited to those businesses that had a physical presence within the state. No physical presence, no sales tax.
The Tax Day deadline of April 15 has passed. Some taxpayers got their taxes in order and sent in early while others rushed to make the deadline. Regardless of which group you found yourself in, you may have put that return in the mailbox only to realize you made a mistake.
The Internal Revenue Service (IRS) requires tax preparation professionals use a Preparer Tax Identification Number (PTIN). The number serves in a similar manner as a Social Security Number, providing a tax preparer with a unique identifier. The IRS states these numbers help tax preparers avoid using their own Social Security numbers when serving clients. Tax preparers take issue with these numbers as they are costly.
Whistleblowers who inform the IRS about noncompliant tax behavior by others are eligible for financial awards in certain circumstances.