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.
The power of the IRS: Did you know about this potential penalty?
IRS provides guidance on “crack and pack” planning technique
President Donald Trump pushed through tax reform at the end of 2017. The Trump administration stated the new tax law, the Tax Cuts and Jobs Act (TCJA) would result in tax savings for many Americans. Unfortunately, it has also led to confusion. Many provisions within the law are unclear and taxpayers are struggling to determine how the law will impact their returns.
Treasury Report: IRS not prepared to enforce FATCA
The Treasury Inspector General For Tax Administration (TIGTA) recently conducted a report on the Internal Revenue Service’s (IRS) ability to enforce compliance with the Foreign Account Tax Compliance Act (FATCA).
Property and taxes: How did the new tax law change the benefits?
Homeowners can view property ownership as an investment strategy. A homeowner can justify this investment a number of different ways. In the past, one of the motivating arguments in favor of owning property was the tax break. But is that still the case?
High earning New Yorkers take note: The importance of domicile
The new tax law has had a big impact on taxpayers throughout the country. This is particularly true for high-income earners in high tax states. These individuals are hit hard by a higher personal income tax bill.
SCOTUS and the online sales tax: How will they rule?
The Supreme Court of the United States (SCOTUS) has tackled a case that questions online state sales taxes. More specifically, the court will answer when an online business is required to apply a state sales to tax to an online transaction.
New York state income taxes could change too
The Tax Cuts and Jobs Act of 2017 is set to bring on many changes. Not only will the taxes you pay to the federal government change, but your state taxes could change too as the gears of federalism shift in response. What changes are in store for New York?
Three ways the tax law impacts pass-through entities
There’s no question that the Tax Cuts and Jobs Act of 2017 will have a wide-reaching impact on businesses and families of every type. You might understand a few aspects of the new law, but determining exactly what is in the law and how it will impact your bottom line may be difficult to determine until tax time next year.
Your passport can be revoked for unpaid taxes
Everyone knows that the logistics of international travel are complicated. From packing enough for your time away, to a long flight overseas, to the customs process and your passport - everything has to work in sync for your trip to be a success. However, if you have unpaid taxes, your trip overseas could get a little more complicated.
Large holiday gifts can be subject to taxation
The holidays are a time of goodwill and generosity in gift giving for many families. This year could be a time in which you're ready to surprise a loved one with that big, memorable gift they have always wanted. Maybe you're a grandparent who wants to pay off your grandchild's school tuition bill or maybe you want to buy a car for your parents and present it with a bow on top, just like in the commercials.
