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When taxpayers fail to file tax returns for multiple years, the IRS has a variety of collection options. It’s important to remember that the IRS has sources that can tell the agency how much you made in wages and some other types of income. Here is an example of the...
Seven states, among them California and Illinois, are set to implement legislative workarounds to skirt the restrictive State And Local Tax (SALT) deduction cap implemented by the federal government in the massive 2017 Tax Cuts And Jobs Act (TCJA). They join New York...
The pandemic has created hardships for many businesses, and that has led to some companies failing to pay their required employment taxes in a timely fashion. The IRS would like those companies to know that the Families First Coronavirus Response Act, the Tax Relief...
Recently, a plumbing executive from Great Falls, Montana, pled guilty to employment tax fraud. It’s all too easy to get caught up in employment tax fraud. People often do when their businesses are in temporary trouble and need some quick cash. Although employment...
An offer in compromise (OIC) might allow you to pay off your back taxes completely, but it’s not a guaranteed choice. To begin, all an individual must do is file a request with the Internal Revenue Service (IRS.) The trick is getting the IRS to agree. How to convince...
Two IRS researchers and three professors recently conducted a study into how much income the wealthiest 1% of Americans are concealing from the IRS. They concluded that these taxpayers hide an average of more than 20% of their income from tax collectors, which implies...
If you operate a business with significant cash income, the IRS and state taxing authorities are always watching. These businesses offer the illicit opportunity to skim income or launder money, so your accounting practices must be thorough, or you could be charged...
Any time the IRS contacts you about a tax dispute is nerve wracking. But if the IRS accuses you of tax fraud, your anxiety likely escalates significantly. The penalties for committing tax fraud are very stiff. Those found guilty of tax fraud may have to pay fines of...
Have received a notice from the IRS that they haven’t received your federal return? If you filed, you may have received that notice in error. You see, the IRS is still catching up on its unprocessed mail from the pandemic. Currently, there are more than 11 million...
The Joint Chiefs of Global Tax Enforcement, or “J5,” represent the U.S., Canada, the United Kingdom, Australia and the Netherlands. They meet annually to work out enforcement plans for common types of tax evasion and other challenges. This year, the J5 met to discuss...