Tag: taxes

IRS Continues Crackdown On Offshore Tax Cheating

IRS
The IRS will end a program giving amnesty to tax cheats with overseas accounts who ‘fess up.

The IRS later this month will end a program allowing tax evaders with secret offshore accounts to confess and avoid prison.

The IRS made the decision to shut down the program following declining demand. According to Fox Business, the agency will continue a program that helps people who…

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IRS Issues Pass-Through Tax Deduction Guidelines

tax
There’s plenty of complexity in the new tax law.

An aspect of tax reform that could provide significant savings for owners of pass-through businesses will also require plenty of work to claim.

One part of the tax bill passed at the end of last was allowing a 20 percent deduction on income from pass-through businesses. But it’s not as simple as it may seem. The IRS recently issued…

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Will Tax Changes Cost You?

tax changes
Don’t let tax changes catch you flat-footed.

If you haven’t taken into account tax changes, you may be in for a nasty surprise.

That’s because you may not be holding out enough of your paycheck to qualify for a refund next year, thanks to tax changes passed by Congress last year.

According to the Washington Post:

Sen. Ron Wyden (D-Ore.) and Rep. Richard Neal (D-Mass.)…

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Senators Introduce IRS Reform Bill

IRS
Congress is considering reforms to the IRS.

Two Senators have introduced a bill they say will reform some parts of the IRS and help low-income taxpayers.

Sens. Rob Portman, R-Ohio, and Ben Cardin, D-Md., last week introduced the Protecting Taxpayers Act.  The bipartisan legislation focuses on improving the organizational structure of the IRS and making it easier for small businesses and retirement plan administrators to comply…

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Back Taxes Could Cost You Your Passport

taxes
If you owe too much in back taxes, your passport application could be denied.

If you’re behind on your taxes, you could face trouble traveling internationally.

That’s because the government plans to reject passport applications from taxpayers who owe more than $51,000 in overdue taxes.

According to CNBC:

The State Department denies passport applications based on the information on outstanding debts it receives from the IRS.

As many…

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IRS Teams Up With Other Tax Collectors To Tackle Cryptocurrency

IRS
The IRS has formed an international team to go after cyber tax crimes.

If you’ve got a horde of bitcoin stashed on a computer and haven’t let Uncle Sam know, the IRS could be coming after you. The same thing is true in other countries such as Australia.

The IRS has launched the Joint Chiefs Global Tax Enforcement (J5) coalition to go after tax fraudsters….

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Fort Lauderdale Accountants News: IRS To Spend Big On Computer Upgrades

Fort Lauderdale accountants
The IRS most likely won’t call you and doesn’t want calls from you.

The tax overhaul passed last year could lead to big increase in questions to service providers such as the Fort Lauderdale accountants of Sterling Accounting. It’s also expected to fuel a jump in work for the IRS, and the tax agency is spending heavily to cope with all that extra work.

The Wall Street…

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Fort Lauderdale Accountants Tips For Handling IRS Letters

Fort Lauderdale accountants
The Fort Lauderdale accountants of Sterling Accounting stand ready to help with tax issues.

No one is eager to hear from the IRS, as the Fort Lauderdale accountants of Sterling Accounting know. But, just as there are several different reasons the IRS would send a letter, there are also a number of ways to handle a missive from the tax man.

Consumer Reports has gathered a useful…

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IRS Computer Glitch Causes Tax Day SNAFU

IRS
Cuts at the IRS could delay tax returns. By Joshua Doubek (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Sometimes the show just can’t go on, thanks to outdated computers. That’s what the IRS faced on the biggest tax filing day of the year Tuesday, in a nightmare for the agency, taxpayers and accountants alike.

A “glitch” in the agency’s computer hardware, some of which…

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Wilton Manors Accountants’ Tips: Avoid An IRS Audit

Wilton Manors accountants
Follow these Wilton Manors accountants tips to avoid audit.

The Wilton Manors Accountants of Sterling Accounting know that an IRS audit is definitely unwelcome.

Fortunately, audits are a pretty rare thing. CNBC reports that of 148 million individual tax returns in 2016, just .7 percent were audited.

That’s a very small percentage. But it’s sure no fun if you happen to fall into the unlucky…

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