IRS

We recently discussed how the IRS is dealing with strict budget cuts. Our blog post on the subject mentioned that the agency is reducing its workforce and expects to perform thousands fewer audits this year than in 2014. Besides having to tighten its belt, the IRS is also dealing with an old-fashioned computer system that […]

A taxpayer may feel powerless against the mighty IRS, but an individual or business who feels they are being overcharged on an income tax adjustment has the option to appeal. Even the place they file the appeal is not predetermined. Besides tax court, appeals can be handled by the local IRS appeals office. It is […]

Budget cuts have hit the IRS, and the agency expects to perform 46,000 fewer audits this year, according to Commissioner John Koskinen. Reduced staff is one way the agency is dealing with $346 million in cuts made by Congress last year. Congress approved a $10.9 billion budget, about $346 million less than the previous year’s […]

Though former baseball star Darryl Strawberry has not played in the Major Leagues since 1999, he is still being paid for his services. That will come to an end when the IRS auctions off the annuity he receives from the New York Mets to help pay off a tax debt. Strawberry was a star outfielder […]

Every year, the IRS issues income tax refunds to taxpayers throughout the U.S., including in the Washington, D.C. area. Everyone likes to get a check in the mail, but is getting a big income tax refund good news or bad news? According to a Gallup poll, 45 percent of taxpayers prefer receiving a large refund […]

In our last blog post, we provided our readers with some advice for reducing their federal income tax bills before the end of the year. We have some more tips for you today. Today’s tips, provided by the IRS, may apply more to the general public, instead of mostly high-income taxpayers. First, now is the […]

Back on Sept. 26, we warned our readers about a widespread scam involving phony IRS agents. The “agents” call innocent people in Washington, D.C. and elsewhere, claiming the victim owes thousands in back income taxes. If the victim does not pay immediately, the caller says, the IRS will seize the victim’s property, arrest the person […]

At first blush, a state or local tax controversy may seem to be less scary than an audit by the IRS. However, state tax officials in Washington, D.C. are often very aggressive, maybe even more so than their equivalents at the federal level. Besides state income tax, you could find yourself dealing with property tax […]

Taxpayers who have tried to hide some of their assets in overseas bank accounts currently have two options: voluntarily reveal these accounts to the IRS via the Offshore Voluntary Disclosure Program, or face prosecution. The first OVDP began in March 2009 as a way of giving taxpayers the chance to avoid legal problems, while also […]

As we approach the end of 2014, it is time to start thinking about federal income taxes. Though it is not necessarily a pleasant thing to consider, there is good news: time remains to take action to reduce your tax bill come 2015. A few things you can do now may result in significant tax […]