Not everyone can pay their tax bill. These situations can impact anyone, including some of the Hollywood elite. Famous actor Wesley Snipes provides an example. The actor attempted to make a deal with the Internal Revenue Service (IRS) after getting a $23.5 million tax bill.
Can taxpayers offer the IRS a settlement?
Real estate and the Qualified Income Business Deduction
The Tax Cuts and Jobs Act (TCJA) includes a provision that allows qualifying business owners to take an income deduction (QBID). The vague language and complexity of the 20 percent pass-through deduction continues to cause frustration for business owners. Which business owners can take the deduction? Who cannot? This piece will focus on how this provision of the TCJA impacts those in the real estate business.
Three ways to reduce your tax bill
The Tax Cuts and Jobs Act resulted in major tax reform. Savvy tax planners can make the most of these changes and take steps to reduce their tax obligations. Three specific examples include adjusting how you donate to charitable donations, making sure you can get certain business deductions and using tactics that work for your specific income bracket.
Amazon chooses headquarters in Long Island -- despite high taxes
Finding the right business headquarters is an important choice. The right location can help set the company's image and impact the type of workers that are interested in working for the business.
Wesley Snipes’ case shows inner workings of tax court
A large tax bill may warrant a challenge. However, building a successful case against the Internal Revenue Service (IRS) is not an easy task. Former Hollywood great Wesley Snipes provides an example.
How will tax reform impact small businesses?
Tax reform is not a common occurrence. Tax reform that results in a complete overhaul that impacts almost every taxpayer in the country is even more unlikely. Yet that is the current climate. Individuals, corporations, businesses … every taxpayer in the country will likely experience an impact from the Tax Cuts and Jobs Act (TCJA).
Business credit for FMLA leave: The basics
Employers are wise to take note of recent changes to tax implications of paid family and medical leave. The Internal Revenue Service (IRS) recently published a notice stating changes to the tax code have led to the creation of business credit for the provision of this type of leave.
Do you owe Uncle Sam if you inherit property? 2 considerations.
The loss of a loved one is often a difficult and emotional time. The last thing anyone wants to think about when going through this time in life is tax obligations. Unfortunately, in some cases, these are considerations that must be taken into account.
How did tax reform change the business deduction for meals?
The Tax Cuts and Jobs Act (TCJA) led to major tax reform. One specific example: the TCJA led to the elimination of the previously allowed business deduction for meals and entertainment.
The power of the IRS: Did you know about this potential penalty?
It is no surprise that the Internal Revenue Service (IRS) will impose penalties if you do not pay your tax bill. The agency is clear about its ability to fine taxpayers' various penalties and fees and, in some cases, potential for imprisonment for failure to meet our tax obligations.
