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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 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...
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...
According to the Treasury Inspector General for Tax Administration (TIGTA), over 500 governmental entities wrongly applied for the advance payment of employer tax credits that was made available during the COVID-19 pandemic. These entities claimed employer tax credits...
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...
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...
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...
In principle, you pay your income taxes in the state where you earned the income. When people work in one state but live in another, that could result in two tax returns being filed -- one for your state of residence and one where you earn your money. A network of...
A new report from the Treasury Inspector General for Tax Administration (TIGTA) makes several recommendations to the IRS on how it could reduce improper retirement deductions by self-employed individuals. The report suggests that some self-employed people may claim...