The Internal Revenue Service (IRS) recently announced a new tax payment option for those who have fallen behind on their tax obligations. Although the agency states the option is meant to make it easier for taxpayers to pay their bill, tax professionals have voiced concerns it could lead to abuse.
The Internal Revenue Service (IRS) has struggled with the best way to manage cryptocurrency. Cryptocurrency, also known as virtual currency or digital assets and include example like Bitcoin, KlickEx, and Ethereum, are gaining in popularity. The government is trying to figure out the best way to include these assets in tax reporting. The most recent answer: a checkbox on Form 1040.
The Internal Revenue Service (IRS) recently announced changes to its per diem rates. Per diem rates apply to the reimbursements given to employees to cover traveling expenses like meals, lodges and incidentals during business trips.
The Tax Cuts and Jobs Act (TCJA) led to major changes to federal tax law. One example of the changes that impact taxpayers is the creation of a cap on the state and local tax (SALT) deduction taxpayers could claim on their federal tax returns. The limit, now set at $10,000, was a blow to wealthy tax payers in high tax states.
A failure to adjust your tax withholding can lead to serious problems. Your tax withholding impacts how much tax the Internal Revenue Service (IRS) and state tax authorities take out of your paycheck. The government expects taxpayer to pay their tax obligations throughout the year.
The Tax Cuts and Jobs Act (TCJA) meant big tax changes for 2018 tax filings. For some, the changes impacted tax withholdings. As a result, the Internal Revenue Service (IRS) encouraged taxpayers to conduct a paycheck checkup to make sure they were withholding enough funds to cover their tax obligations. Those who failed to cover at least 90% of their tax bill through withholdings found themselves facing the potential for big financial penalties.
It is not uncommon for the Internal Revenue Service (IRS) to reach out to taxpayers. This contact itself may seem like a nightmare, but taxpayers can make the situation even worse if they do not act appropriately.
Cryptocurrency, or digital currency, is a fairly new way to conduct financial transactions. Although relatively novel, taxpayers have used digital currency like Bitcoins to purchase real estate and other tangible items, and the Internal Revenue Service (IRS) has taken notice.
Whenever a relatively large financial transaction occurs, it is very likely that the Internal Revenue Service (IRS) will be involved. Getting divorced? The IRS will look over the property division determination and check for errors. If so, the agency may apply applicable taxes. Win the lottery? The IRS will expect a share of the winnings? Going through a lawsuit? Yes, even during your legal woes the IRS may determine that you owe a tax bill.
The Internal Revenue Service (IRS) recently released a publication that encourages taxpayers to make the most of common summertime activities. How, you may ask, can an agency that collects money encourage summer fun? The answer: by highlighting how popular forms of summer fun can translate to tax savings.