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Many business owners are so busy running their company that they do not have the time to focus on their personal finances. It is a lost opportunity to legally lower one's tax burden using viable tax deductions created for retirement, particularly if the business is...
The Internal Revenue Service awarded contracts to three collections companies. These private collection agencies (PCA) are CBE Group, Inc., Coast Professional, Inc. and ConServe. One of the three companies will contact taxpayers with unpaid IRS bills; however, the IRS...
The Internal Revenue Service has updated its’ Employee Plans Compliance Resolution System (EPCRS) that allows plan sponsors to correct overpayments and certain plan failures. As of July 16, the sponsor no longer needs to file a Voluntary Compliance Program (VCP)...
Every year, the IRS expects around 155 million income tax returns. With that many returns to review, it's inevitable that the federal tax agency will make mistakes once in a while. If the IRS makes an error on your taxes, it is up to you (and, potentially, a tax...
The IRS chooses a small number of tax returns each year to audit. Receiving an audit doesn’t necessarily mean that you did something wrong – they can audit you for no reason at all. Even so, it can be very nerve-wracking to receive an audit notice. How does the IRS...
The Internal Revenue Service (IRS) is an important agency. But, before the IRS Restructuring and Reform Act of 1998, the agency seemed to operate as if it was also a judge and jury. If the agency believed that a citizen owed money, that was it – they owed the money....
A letter from the Internal Revenue Service (IRS) can be alarming, especially if it’s a Statutory Notice of Deficiency. The IRS sends this when they find a difference between the amount you reported on your tax return and the amount they think you owe. Failure to pay...
President Joe Biden recently proposed a new top tax rate on long-term capital gains and qualified dividends. The federal rate would be 39.6%, with another 3.8% federal surtax as well state taxes. This adds up to a total rate of nearly 49%, a jump from 29.2% for people...
The Internal Revenue Service does a lot more than collect taxes and issues returns. One of its more helpful services is the annual “Dirty Dozen” list of tax scams. Amidst the twelve common scams is a shorter list of schemes that persuade taxpayers to engage in...
The IRS is working to identify wealthy Americans who used a law firm called Panama Offshore Legal Services to “create or control foreign assets and entities” in an effort to evade taxation. The Justice Department issued a statement last week saying that it had...