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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...
You probably know someone who owns cryptocurrency, a decentralized digital coin that most people use as an investment tool. It is completely legal to own cryptocurrencies in the United States. However, you need to pay taxes every time you sell, exchange or mine a...
If Congress passes its proposed infrastructure plan as it stands now, the new law would include $40 billion to expand IRS audits on the wealthy and small businesses. The IRS isn’t waiting to start hiring. It’s hoping to bring in replacements for the nearly 17,000...
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...
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...
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...
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...
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....
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...