The Internal Revenue Service (IRS) recently announced it will take a closer look at tax returns for those who earn over $100,000. The agency’s efforts will focus on those who the agency believes has wrongly failed to file a tax return. The agency stated those in this...
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IRS shows no mercy, sends young father to prison for 34 months
A young man made a bad choice. He admitted his error, requested leniency and worked to show he had learned from his mistake. When the man presented the court with evidence of his changed ways, the prosecution argued it was not enough. The prosecution continued to...
Recent data shows IRS made millions using collection companies
The Internal Revenue Service (IRS) recently reported that its use of third-party debt collection companies has thus far proven successful. These companies have reportedly collected millions from taxpayers. Is this a new way to collect taxes? It is and it is not. The...
Two thoughts before giving up U.S. citizenship to save on taxes
Tax obligations in the United States are going through constant change. Just last year the Tax Cuts and Jobs Act (TCJA) led to major tax reform that impacted citizens throughout the country. States are looking to make changes to help navigate these new laws and some...
IRS warns taxpayers of latest scam
The Internal Revenue Service (IRS) recently warned taxpayers they might receive a letter in their mailbox that looks like an official document from the federal agency. The correspondence is the latest work of scam artists trying to steal your money. The group behind...
IRS defeats NY’s attempt to work around SALT cap
The United States government hit New Yorkers and other residents of high tax states hard with the new tax law. The Tax Cuts and Jobs Act (TCJA) included a provision that put a limit on the state and local tax deduction. This limit meant residents of high tax states...
IRS set to send out bills to taxpayers in June and July
Filing taxes for the 2018 tax year was a bit more difficult than previous years. The main reason: this year was the first year the Tax Cuts and Jobs Act (TCJA) was essentially in full effect. This year, taxpayers had to navigate the new tax law and many found...
New tax law will likely mean more state tax audits
The Tax Cuts and Jobs Act (TCJA) has led to many changes in tax law. We are just starting to experience the full impact of these changes, as many of the new provisions went into effect for the recent tax filing for the 2018 tax year. One specific impact tax experts...
Does the IRS’s use of PDCs leave taxpayers susceptible to scams?
In 2015 Congress passed a law that required the Internal Revenue Service (IRS) to use private collection agencies (PDCs) to collect outstanding tax bills. The Government Accountability Office (GAO) conducted a review of the IRS’ PDC program and has found some...
Good records can be your best weapon if audited
The Internal Revenue Service (IRS) or the New York Department of Taxation and Finance may send business owners a letter requesting additional information to support tax returns. When this happens, an organized set of records can help to better ensure the process goes...