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...
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Federal And State Tax Collections
The IRS is sending incorrect notices of tax delinquency
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...
Could claiming a home office deduction trigger an IRS audit?
Though federal tax law has allowed a deduction for expenses associated with a home office for a long time, the fact that so many professionals began working from home for the first time in 2020 means that the deduction is receiving more consideration than usual....
Will a home office deduction trigger an IRS audit?
Everyone loves saving money, and we regularly look for new ways to be able to do it. Recently, more and more of us have been able to work from home. This unique work situation may qualify you for a tax deduction for your home office, but should you take it? Many...
TIGTA: American taxpayers default on over half of payment plans
The Treasury Inspector General for Tax Administration (TIGTA), the IRS’s watchdog, has issued a report on the state of tax collections through private debt collectors contracted by the IRS. The IRS has assigned private collection agencies over $30 billion in unpaid...
IRS planning to perform 50% more small business audits in 2021
The IRS recently announced that it is hiring 50 more specialized auditors who will be ready to begin in February. The agency is planning to ramp up small business audits by 50% over its historically low rates for these taxpayers. This could mean increased audit...
IRS is simplifying the process of getting a repayment agreement
Especially this year, many taxpayers are facing challenges paying their tax bills. If the pandemic has affected your ability to pay, the IRS has your back, according to a recent announcement. At least, the agency is making it easier to settle up. Taxpayers have always...
What can trigger an audit for your home-based business?
When you run your own business from home, you face handling a multitude of responsibilities to make your business successful. One of those is reporting your yearly business expenses and income and ensuring you shield yourself from a potential audit. However, if you...
TIGTA urges IRS to target large business loss reports for audit
Every year, American taxpayers underpay by approximately $440 billion or more. This is called the “tax gap.” How should the IRS address the tax gap? Although the IRS’s audit priorities remain secret, there are indications that the agency focuses on certain types of...
Proposal provides tax incentives to New York small businesses
New York City comptroller Scott Stringer earlier this month introduced a series of proposals that include tax incentives geared toward helping struggling small businesses affected by the recent global health crisis. The proposals, initiated on Aug. 5, must be agreed...