The Internal Revenue Service (IRS) recently published a newsletter encouraging workers with more than one job to conduct a paycheck checkup. The checkup involves reviewing withholdings to ensure that the taxpayer is paying enough to cover tax obligations.
As we've previously reported,1 the IRS is actively targeting some taxpayers for passport denial or revocation. Currently, taxpayers who owe the IRS at least $52,000 may be unable to obtain or renew their passports. Taxpayers must be proactive to prevent delays with travel plans.
The Internal Revenue Service (IRS) provides some tax benefits to small businesses. Many of these benefits are in the form of tax deductions. When it comes to pass-through entities like sole proprietors, partnerships and limited liability companies (LLC), two examples include:
The Duke and Duchess of Sussex, Prince Harry and his wife Meghan Markle, recently welcomed a baby boy into the royal family. Amidst the joy and celebrations that often come with welcoming a new family member, this little one may require some proactive tax planning. Although born in England, the infant could find himself subject to taxes in the United States.
The Internal Revenue Service (IRS) can review taxpayers’ returns. But, like most things in the legal world, this ability is generally limited.