Getting a letter from the Internal Revenue Service (IRS) is likely to cause stress in even the most rule-abiding taxpayer. But when should a notification really be of concern? Three specific times a taxpayer should worry include: Intentional falsification of tax records. Did you inflate income or overestimate deductions? Maybe you […]
The Internal Revenue Service (IRS) keeps a close watch over tax return professionals. Tax preparers must file tax returns on behalf of their clients wisely, getting the best possible returns for their clients while remaining within the bounds of the law, or else faces serious consequences. Three recent cases provide an example […]
Farmers may find their tax burden eased in 2020. Lawmakers passed a number of laws before heading out for the holiday break that will impact their tax obligations in the new year. Three examples include: Health Insurance Tax. One of the laws that Congress addressed before break was the Health Insurance […]
The United States Department of Justice’s (DOJ) Tax Division recently announced the sentencing of a Waco, Texas tax return professional to 27 months imprisonment for tax crimes. The government claims the accused inflated client’s deductions and claimed fraudulent education credits. Overall, the government says that over a span of two […]
Now may be a good time to buy a lottery ticket. The most recent report shows the Mega Millions lottery is at $340 million. If no one wins at the drawing is coming Friday, the winnings will grow even more. Although the lottery is currently set at a very large number, it is important […]
The Department of Justice (DOJ) recently announced a physician accepted a plea deal after facing accusations of tax evasion. The government stated the physician failed to report on his tax returns for 20 years. Was it an accident? In most cases, a prison sentence tied to a tax crime involves […]
The Tax Cuts and Jobs Act (TCJA) is in full effect during this tax season. Although we may have learned a lot after going through last year’s tax filings, many tax preparation professionals are still struggling to correctly apply the nuances of this complicated piece of tax reform. Part of […]
As we prepare for the new year, taxpayers throughout the country are likely getting things in order for their tax filings. While gathering these documents, some may find themselves wondering what happens if they mess up. Will it lead to an audit? The following will delve into three of the […]
A failure to file tax returns can come with serious penalties for any taxpayer. However, those who specialize in filing tax returns as a profession can face even harsher penalties. These can include: Imprisonment. If the Internal Revenue Service (IRS) determines the failure to file was a flagrant violation of […]
Certain retirement savings plans allow for a tax deferment. The Internal Revenue Service (IRS) will eventually expect taxpayers to pay taxes on those savings. In most cases, the agency requires the taxpayer to start taking required minimum distributions (RMDs) and making payments when they reach the age of 70 and […]