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