Sometimes, even those who intended to accurately and fully execute their annual tax return make mistakes. Generally, if a paid tax accountant is responsible for this mistake, they will take steps to correct their error on your behalf as quickly as possible. For those...
Year: 2016
New IRS data filters caught $4.1 billion in suspected tax fraud
The IRS added 23 new data elements to its tax return computer system filters this past tax season. The objective of these enhanced features was to locate instances of identity-theft related tax fraud. These efforts are being made to protect taxpayers from identity...
CPA or lawyer: Who do you need for your tax issue?
When you have a tax issue to resolve, it can be difficult to know if the matter is best resolved through a certified public accountant (CPA) or a qualified tax attorney. In most situations, the particular circumstances will determine if one or the other, or both, are...
Rapper Nelly faces $2.4 million tax lien, fans rally to help
In mid-September, Grammy award-winning rapper Nelly (Cornell Iral Haynes Jr.) got hit with an IRS tax lien totaling more than $2.4 million. This was preceded by a lien from the Missouri Department of Revenue, although that was for almost $150,000.Sources say the St....
IRS to hire private tax debt collectors for delinquent accounts
The IRS is hoping that the third time's the charm with private tax debt collection. Beginning in early 2017, private companies will be hired to pursue old, delinquent, outstanding accounts that the IRS doesn't have time to do itself. Private collection of IRS tax debt...
Most foreign banks aren’t providing accurate FATCA filings
Just about anyone who has a foreign bank account is aware of the importance of reporting these accounts to the U.S. federal government. According to the Bank Secrecy Act, any citizen or resident of the United States with signature authority or financial interest over...
Do you owe “nanny taxes” for your child’s summer caregiver?
Did you hire a nanny or full-time babysitter to care for your children over the summer break? If so, you may owe a "nanny tax" by the end of September.If you paid a caregiver $2,000 or more in a calendar year, that individual is considered a household employee,...
Is that IRS call legitimate – or is it a scam?
With today's technology, it can be difficult to determine if something is real or just a good imitation. This is often the case when you receive a call from someone claiming to be with the IRS - demanding payment for tax debt. You may think you would be too smart to...
How to prepare for, and survive, an IRS tax audit
If the IRS wishes to do an audit of your tax return, do not panic. In most cases, an audit is simply the government wanting to double check the numbers that were provided on your return. The IRS investigation will go smoothly if you have provided correct numbers for...
Apple Inc. owes billions in back taxes to Ireland
Technology giant Apple, Inc. is in some tax trouble with the European Union (EU), which will end up costing the company billions. On Tuesday, August 30, Apple was ordered to pay up to $13 billion Euros ($14 billion) to Ireland in back taxes.The ruling is due to an...