Cryptocurrency has been around for over a decade now. While some people shy away from investing in this unpredictable new form of carrying out financial transactions, others have made it a point to include various cryptocurrencies in their diverse investment...
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Year: 2021
According to records, top 25 richest Americans pay little in taxes
The United States lives in a bit of a fantasy. That fantasy is that everyone, rich or poor, is paying a fair share of their income in federal taxes. According to a recent analysis by the nonprofit newsroom ProPublica, the top 25 wealthiest Americans pay a very low...
Report: Swiss Life conspired to evade taxes with offshore policies
Back in 2008, increasing offshore tax enforcement by the U.S. drove some Swiss banks to reevaluate or even terminate relationships with American clients. Apparently, certain personnel of the Swiss Life PPLI unit saw this as an opportunity to pick up customers who...
Will the IRS use their expanded resources to audit you?
President Joe Biden has proposed increasing the IRS’s funding by 70% in order to chase down tax avoiders and evaders. If the proposal were passed, it would be aimed at wealthier taxpayers and corporations, as they are thought to commit the most tax misconduct. If you...
Tips to remember if you owe money to the IRS
While the IRS has historically cultivated a reputation for stern negotiation, the last two decades have seen a slight softening in this position. Certainly, they will take steps to recover money owed to them, but the IRS Restructuring and Reform Act of 1998 requires...
How does the IRS respond to years of unfiled tax returns?
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...
SALT workarounds becoming more common
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...
Failed to pay payroll taxes during the pandemic? IRS offers relief
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...
Never play around with your payroll taxes
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 may help you with your back taxes
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...