2021-01-07 21:54
IRS Plans to Contact Businesses and Individuals Who Are Not Reporting 1099-K Income Recently, the Treasury Inspector General for Tax Administration (TIGTA) advised the Internal Revenue Servi… Read More
Blog Directory > Finance Blogs > Tax Blog: IRS & State News, Tips and More finance Blog >
Tax Blog: Irs & State News, Tips And More Blog
taxdebthelp.com/blog
Tags:
audits
endoftheyear tax strategies
filing tax payment
protection program loans
compromise acceptance rate
endoftheyear tax
tax avoidance
california
tax relief
avoidance
Tax help and relief blog discussing tax advice, tips, news, and more.
2020-12-16 17:16
The end of the year is here, and while dealing with the hustle and bustle of the holiday season, you should also stop and think about taxes. If you act quickly, there are all kinds of steps… Read More
2020-10-20 16:11
Due to the devastating nature of the wildfires currently raging in California, the Internal Revenue Service (IRS) has extended most tax deadlines for people and businesses in affected a… Read More
2020-07-07 16:31
Most people are looking for a way to reduce their tax bill, but it can be daunting to figure out how to minimize tax liabilities without getting on the IRS’ radar. Despite the similar… Read More
2020-06-30 16:04
The IRS released data for 2019 with a few interesting numbers related to enforcement actions and audits. We will review and compare the number of tax liens, tax levies, and audits in 2019 as… Read More
2020-06-29 20:43
The IRS released data recently on the Offer in Compromise (OIC) acceptance rate for 2019. The OIC acceptance rate decreased by 7.4% when compared to 2018. The dollar amount for all accepted… Read More
2020-06-08 17:12
Efforts to flatten the coronavirus curve have led to extremely high unemployment numbers and lowered business revenues across the country. As businesses and individuals are struggling to sta… Read More
2020-06-02 20:53
Paycheck Protection Program (PPP) loans provided a much-needed boost of working capital to businesses that were struggling amid the coronavirus. While the PPP loan helps cover payroll and ut… Read More
2020-03-30 18:36
The IRS changed many tax filing and tax payment deadlines in response to the coronavirus outbreak. The IRS launched the People First Initiative. As a result, Individual and business ta… Read More
2020-02-21 18:49
The Internal Revenue Service (IRS) may be heading to your house. Recently, the agency announced plans to make in-person visits to high-income taxpayers who have not filed tax returns in 2018… Read More
2020-02-19 13:46
The Internal Revenue Service (IRS) is holding over $1 billion in unclaimed income tax refunds from 2015 alone and similar amounts from other years. In some cases, the money was returned to t… Read More
2020-01-27 21:14
The IRS gives you until April 15th (or the following business day if April 15th falls on a weekend or holiday) to file your tax return, but ideally, you should file as early as possible. Fil… Read More
2019-10-03 14:05
In September 2019, the Internal Revenue Service (IRS) released tax gap estimates for tax years 2011 through 2013. The numbers indicate that the gap has stayed the same as the previous tax ye… Read More
2019-09-18 16:02
Established in 1998 to provide independent oversight to the Internal Revenue Service (IRS), the Treasury Inspector General for Tax Administration (TIGTA) regularly audits IRS processes. In S… Read More
2019-08-09 16:37
Over the last five years, the Internal Revenue Service (IRS) has issued over $2 billion in erroneous or fraudulent tax refunds related to amended tax returns. On July 31, 2019, the U.S. Trea… Read More
2019-05-28 15:27
The IRS released its 2018 version of the IRS Data Book, which provides a snapshot of all activities conducted by the agency during the previous fiscal year. It covers activities that the IRS… Read More
2019-05-02 15:53
When you filed your income tax returns for the past tax year, your tax preparer or the software program you were using probably gave an estimate of how much money you would receive back from… Read More
2019-04-04 19:22
Private collection agencies are now being assigned to collect selected delinquent accounts for the IRS. These agencies have placed some taxpayers in such stressful positions that it is hard… Read More
2019-03-21 19:14
Tax Essentials for New Widows Losing your partner can be emotionally debilitating, and on top of dealing with that aspect of the loss, you also have to handle numerous financial issues. Wond… Read More
2019-02-01 17:29
The sweeping changes of the Tax Cuts and Jobs Act (TCJA) that went into effect at the beginning of January 2018 included a 20% pass-through deduction to non-corporate taxpayers with “q… Read More
2019-01-09 16:04
91% of Property Seized in Structured Transaction Cases Are from a Legal Source The Bank Secrecy Act (31 USC 5324) was passed in the 1970s to address the problem of money laundering and other… Read More
2018-12-19 17:46
As the year comes to a close, and we all look forward to the holidays, the state of New Jersey is offering something that will light up some of its residents with even more joy. The New Jers… Read More
2018-11-13 15:01
The most sweeping tax reform in over 30 years, the Tax Cuts and Jobs Act (TCJA) brings a lot of changes for businesses. If you run a business, you’ve probably been making quarterly pay… Read More
2018-10-09 20:51
If you requested an extension on your 2017 income tax return, you need to file by October 15th. Just around the corner, this is the absolute last date you can file if you want to avoid serio… Read More
2018-09-05 16:12
As of September 28, 2018, the Internal Revenue Service (IRS) is ending the Offshore Voluntary Disclosure Program (OVDP). By law, all US citizens and residents are required to report foreign… Read More
2018-08-15 21:31
The Tax Cuts and Jobs Act passed in 2017 will have significant ramifications on all manners of tax filings going forward. However, one of the more substantial changes to tax laws relates to… Read More
2018-07-03 15:19
In June 2018, the Supreme Court ruled that states can require e-commerce companies to collect and pay sales tax, even for areas where they don’t have a physical presence. Here’s… Read More
2018-05-15 15:01
If you’ve got delinquent tax debt, goods news is on the horizon. The credit bureaus are removing tax liens from credit reports (CRs). That instantly improves your credit report, potent… Read More
2018-04-30 16:55
Taxpayers with foreign bank accounts are required to disclose these accounts under the Foreign Account Tax Compliance Act (FATCA) and on the Report of Foreign Bank and Financial Accounts (FB… Read More
2018-03-23 04:00
The Tax Cuts and Jobs Act (TCJA) has made sweeping changes to the United States tax laws. You have probably heard about some of the major changes that take effect beginning in 2018—a b… Read More
2018-03-15 12:50
The new income tax plan brings in a generous pass-through tax deduction for many small businesses in IRC Section 199A. If you have pass-through income, you may qualify for a deduction worth… Read More
2018-02-02 18:41
In 2017, the IRS hired and paid private debt collection agencies $20 million, but these firms only collected $6.7 million, meaning the IRS lost over $13 million in the process. Besides losin… Read More
2018-01-05 01:21
There’s a lot of speculation about what’s going to happen with Trump’s tax plan or the “Tax Cuts and Jobs Act.” Many people are panicking or rejoicing without l… Read More
2017-12-15 16:41
The last day of the year is just around the corner, and if you’re someone who usually faces a tax bill in April, this is your last chance to lower your tax liability for 2017. Even tho… Read More
2017-11-20 20:18
In the United States, federal income tax is just the start. In most cases, you also have to pay state tax, and some municipalities charge local or city income tax as well. All those bills ca… Read More
2017-11-09 04:04
Under the Affordable Healthcare Act, you are required to have health insurance. If you don’t, you face a hefty penalty at tax time. Although there has been a lot of news about changes… Read More
2017-10-30 19:42
Identity theft related to tax scams remain a serious issue. While the Internal Revenue Service notes that fraudulent emails and phone calls from imposters who claim to be representatives of… Read More
2017-10-16 17:03
The school year is in full swing, and if you’re a teacher, you’ve probably already spent money out of your own pocket. Luckily, the IRS allows you to claim a deduction for many o… Read More
2017-10-03 22:47
If you requested an extension on filing your federal income tax return, your due date is just around the corner on October 16th, 2017. You must have your tax return postmarked or electronica… Read More
2017-09-20 22:10
The estimated tax penalty is technically called an underpayment penalty. More than ten million taxpayers paid underpayment tax penalties in the 2016 tax year, compared to the 8.9 million who… Read More
2017-09-13 20:34
The September 15th tax deadline is looming quickly. Does this deadline apply to you or your business? To ensure you pay your taxes on time and don’t incur any penalties, here’s a… Read More
2017-09-12 21:41
With one of the major three credit bureaus experiencing a major security breach, it is more important than ever to protect your identity. In 2016, 377,000 taxpayers were the victims of… Read More
2017-08-30 19:38
The IRS is offering tax relief for Hurricane Harvey victims. Specifically, it is giving affected taxpayers extensions on certain tax returns and payments. The extensions apply to most return… Read More
2017-08-10 02:29
The Internal Revenue Service launched a pilot virtual appeals program on August 1, 2017. This program will potentially allow IRS Appeals Office staff, taxpayers, and their representati… Read More
2017-08-01 00:02
Have questions regarding filing U.S. taxes living abroad? The rules and requirements are a bit complex, but you need to understand the basics to get started. There are only two countries in… Read More
2017-07-20 01:53
Hollywood peddles a lot of stories, and one of the most popular is that there is an IRS agent waiting around every corner. Dorothy from Golden Girls, the stress-out parents on the cult class… Read More
2017-07-06 17:33
If you owe the Internal Revenue Service tax money, you may know that some of the penalties for non-payment can become pricey: The IRS can impose additional late or underpayment penalties, an… Read More
2017-06-13 01:56
Owing property taxes is scary. Worst case scenario—if you don’t pay the taxes, or you end up with unpaid property taxes for a long period of time, you lose your home. Luckily, th… Read More
2017-05-17 09:46
With the 2017 tax season over, you probably already put you tax return behind you and put your tax refund to good use. But what about all that paperwork? How long to keep tax pape… Read More
2017-05-12 17:42
So how did tax season go for you this year? Did you get them all done by February 1 and spend your refund by February 2? Or did you lose track of time and barely beat the April 18 deadline t… Read More
2017-04-12 15:49
It’s already mid-April and the tax season is just about to come to a close. For those who still haven’t field their taxes, the deadline is now just a week away, unless you’… Read More
2017-04-03 20:54
The IRS recently released their annual offer in compromise (OIC) data for 2016. Although the acceptance rate fell in fiscal year 2014 and 2015, it reached a new all-time high in 2016 wi… Read More
2016-08-16 17:46
The United States has been doing pretty well in the 2016 Summer Olympics, held this year in Brazil. As usual, the United States leads the medal count, including for gold, helped along by gre… Read More
2016-07-15 14:45
We all know child care can get expensive. However, it’s sometimes necessary. If you are working and need help with child care, you can reduce some of the impact to your bottom line wit… Read More
2016-07-06 14:33
The idea of a tax audit concerns many of us. And why wouldn’t it? The thought of the IRS coming after you, telling you that you owe more money and potentially garnishing your wages can… Read More
2016-06-07 17:42
A few years ago, the government announced that taxpayers could spend money to install energy efficient systems and receive tax breaks. Those tax credits have been set to expire for some time… Read More
2016-06-07 17:24
One of the clarion calls of this year’s presidential election, at least in terms of what Bernie Sanders and Hillary Clinton say they will do if either is chosen as the Democratic nomin… Read More
2016-05-24 18:50
What’s the fastest-rising form of identity fraud in the United States? According to recent numbers from the Federal Trade Commission, tax refund fraud is the biggest contributor t… Read More
2016-05-20 01:44
When you received your first paycheck, you were probably surprised to discover that what you told you are earning, and what you actually come home with, are two different things. Due to tax… Read More
2006-06-07 11:16
If you don't owe taxes, you aren't required to file a tax return. However, just because you don't have to file a tax return doesn't mean that you shouldn't file one. In fact, you might be mi… Read More
2006-06-07 11:16
So far this tax season, refunds are on the rise. According to IRS data, the average refund is more than $3,000. That's not a bad amount of change, and it's money that many consumers consider… Read More
2006-06-07 11:16
When it comes to paying taxes, where you live matters. While many of us focus on the amount we pay in federal taxes, the reality is that there are a number of taxes that we pay. In fact, you… Read More
2006-06-07 11:16
Every year, I bring my documents to my accountant and he prepares my taxes. This year, he told me that there has been increase in the number of people that bring their returns to professiona… Read More
Subscribe to Tax Blog: Irs & State News, Tips And More
Get updates delivered right to your inbox!