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.
Snitches. It is a word that brings back memories of plot lines from popular mobster movies like The Godfather or the mega-hit HBO show The Sopranos. There are many names for those who provide information to another party in exchange for gain or immunity. The term “snitch” has a more negative connotation, other, less sinister monikers for those who take on this role include whistleblowers or informers.
The time, World War II. Although not the first time the United States government attempted to implement an income tax, this was the time it stuck.
It is finally here — today is Tax Day. Some of us have filed our returns while others are scrambling. For those of us rushing to get their returns in order, the following can help:
The Internal Revenue Service (IRS) recently reminded taxpayers that even those living abroad likely need to file paperwork this tax season. In some cases, the government may require taxpayers file additional paperwork.
The Internal Revenue Service (IRS) is working through tax filings and anticipates many more as the April 15 tax deadline quickly approaches. The agency recently released a publication aimed at dispelling many myths about tax refunds that are getting circulated through social media platforms.
The Internal Revenue Service (IRS) will likely increase its focus on taxpayers who work in the gig economy.
Researchers are starting to analyze data for 2018 tax returns. This tax year is the first that used the new tax law, the Tax Cuts and Jobs Act (TCJA) — a tax law that was supposed to result in a reduced tax obligation for the majority of Americans.