25 Years Of Positive Results
To address some of the economic disruption caused by the pandemic last year, collection of the 6.2 percent employee payroll tax was delayed in accordance with a presidential executive action. On Jan. 19, the Internal Revenue Service announced that it extended the...
It is reasonable for many people to think that bankruptcy is not an option to resolve federal tax debt, but in certain cases, the debt may be dischargeable after certain conditions have been met. To determine eligibility, you must consider both the type of tax at...
Recent COVID tax legislation has led to changes in the 1040 and 1040-SR instructions for the 2020 tax year. The new draft has recently been released by the IRS, incorporating the changes from the CAA, 2021. Among the changes is new information regarding the handling...
In addition to an economic slowdown beginning in 2020, small businesses must deal with more complicated accounting because of complex changes to the tax laws and COVID-19 stimulus programs. In an apparent sign of aggressive tax collection after the pandemic and...
Every year Americans are required to file their federal income taxes by the stipulated annual deadline. This year, that deadline was extended due to the unprecedented circumstances of the worldwide pandemic. Individuals living in the District of Columbia metro area...
States are becoming increasingly aggressive in their tax collection efforts as potential budget shortfalls loom during the current recession. In the world of interstate commerce, this becomes problematic on several fronts, particularly in the trucking industry....
In the coming months, the IRS will proceed with its focus on high-income taxpayers who have yet to file their tax returns. The potential for significant penalties, limited voluntary disclosure options, and possible criminal prosecution is abounding. The IRS issued...
Restaurants and other businesses have struggled to remain in business during this pandemic. But this has also led to tax shortfalls and budget deficits for state and local governments. In this environment, restaurants can anticipate audits and aggressive tax...
There are a few seemingly legitimate reasons a business may fall behind on employment tax payments to the IRS. During an economic downturn, for example, maybe depositing withheld employment taxes was not financially feasible. The business may plan to make it up later,...
Most of us experience, or have experienced, payroll tax withholding but with more recent discussions about the topic, what exactly are payroll taxes? It is helpful for any taxpayer who is seeing their hard-earned dollars withheld every month to understand what payroll...
