In this month's closed case round up, we have a business owner who didn't file their tax returns for a few years and a contractor that created a large tax debt after his business slowed down!
There is nothing worse than getting all your tax documents together, filing your tax return, and months later finding out you are now being audited by the IRS. Realistically, the risk of you being audited is quite low as less than 1% of tax returns are audited each year. But if you’re like most people, you want to make the chances of you being audited as low as possible. Here are a few things you can do to help lower your risk of being audited.
Although tax season may finally be over, scammers are still trying to steal your identity. The IRS is warning taxpayers about a new twist on an old phone scam. In the new scam, thieves will call in on telephone numbers that look like IRS Taxpayer Assistance Center office numbers to try and trick you into paying a fake tax bill.
Tags: Tax Scams
If you watch the news, you know that Congress passed a major tax reform bill several months ago that could alter your situation for the 2018 tax year. The Tax Cuts and Jobs Act is over 500 pages and 72,000 plus words long. In this blog, we will work to break down two significant changes.
Tax reform is not just something we deal with in the United States. Countries all around the world are also facing tax changes within their own borders. Some might seem a little crazy, while others are taking advantage of technology and other new advancements. In this blog, we’ll look at a couple interesting international tax situations.
Tags: Tax Law
As a tax resolution and accounting firm, we get a lot of different questions about filing your federal tax return, the difference in deductions and credits and how to file when you’re married. Sometimes the answer depends on your situation and what types of income you have, while others are standard across the board answers. Here are some of our most frequently asked questions and their answers.
Tags: Tax Help
If you owe the IRS, you are at risk of liens being filed against you and your property. Liens can affect your credit score and your ability to refinance your home. The good news is there are options to try and prevent liens from being filed. The key is to take action now and show the IRS you are trying to settle your tax debt.
In this edition of celebrity tax trouble, we see an estate of the late award-winning singer Whitney Houston settle with the IRS, and an actor whose rise in income created a rise in his tax debt, and a reality TV star who went to prison for tax trouble.
Since the Tax Cuts and Jobs Act passed earlier this year, we have been continually asked about what recent Tax Court rulings we’ve seen because of this. The truth is, we have not seen any tax court rulings affected by it yet. Because the changes will not set in until January 1, 2019, all current tax court cases are not affected by it.
Did you miss the April tax filing deadline? If you haven’t filed your 2017 federal tax return and you will likely owe for last year, it’s important that you file your individual tax return and pay the taxes you owe by June 14th, or you will likely face a higher late-filing penalty.