The time, World War II. Although not the first time the United States government attempted to implement an income tax, this was the time it stuck. Not the first time? Congress had passed previous income tax regulations. Lawmakers were pressured to find funds to pay for war efforts and the income tax provided a relatively […]

It is finally here — today is Tax Day. Some of us have filed our returns while others are scrambling. For those of us rushing to get their returns in order, the following can help: Mail wisely. Taxpayers that choose to mail their returns to the Internal Revenue Service (IRS) should double-check postage and address. […]

The Internal Revenue Service (IRS) recently reminded taxpayers that even those living abroad likely need to file paperwork this tax season. In some cases, the government may require taxpayers to file additional paperwork. What else does the Treasury Department need? The agency may also require an additional form, the Report of Foreign Bank and Financial […]

The Internal Revenue Service (IRS) is working through tax filings and anticipates many more as the April 15tax deadline quickly approaches. The agency recently released a publication aimed at dispelling many myths about tax refunds that are getting circulated through social media platforms. The publication included several facts about the refund process. Three of the […]

The United States Government Accountability Office (GAO) recently released a bulletin calling on the Internal Revenue Service (IRS), Congress, and other government agencies to make changes to better address foreign asset reporting. The bulletin notes that renunciation of United States citizenship approvals increased from 1,601 to 4,449 from 2011 to 2016. The agency suspects the […]

Detroit –The man charged with fixing Detroit’s faltering finances has been hit with four liens in four years from the state of Maryland for unpaid taxes, records show. State records show Kevyn D. Orr, who was appointed emergency manager on Thursday, has two outstanding liens on his $1 million home in Chevy Chase, Md., for […]

It may be tempting to attempt to reduce your tax burden by rounding some numbers up and rounding some numbers down when filing your tax returns. However, getting too loose with your numbers in your return can increase the risk of an audit. Common red flags that tend to increase the risk of an audit […]

In most cases, the government expects taxpayers to pay their taxes in April. Any resulting payment or refund the result of withholdings from paychecks throughout the year. In some cases, the Internal Revenue Service (IRS) may expect taxpayers to make quarterly payments. Who needs to pay on a quarterly basis? The IRS may require quarterly […]

The Internal Revenue Service (IRS) will likely increase its focus on taxpayers who work in the gig economy. Why the change? The agency is expected to increase its scrutiny of this market based on the results of a new report released by the Treasury Inspector General of Tax Administration (TIGTA). The report claims the IRS […]

Researchers are starting to analyze data for 2018 tax returns. This tax year is the first that used the new tax law, the Tax Cuts and Jobs Act (TCJA) — a tax law that was supposed to result in a reduced tax obligation for the majority of Americans. Are taxpayers seeing more savings under the […]