With the federal income tax filing deadline bearing down us, many small businesses will review all the expenses they had in 2016 with the mind of finding as many deductions to reduce their taxable income. The math here is simple. The more the deductions one might...
Traveling abroad? Make sure your taxes are paid, otherwise you might have to cancel your plans. In enacting the Fixing America's Surface Transportation Act ("FAST Act"), Congress added § 7345 to the Internal Revenue Code. This section allows the Secretary of State to...
A study performed by four professors at a variety of U.S. universities has found that the closer a company is to an IRS office, the more likely it is that the company will be audited. This may seem obvious at first, but you would think that the Internal Revenue...
Tax season is upon us, with the annual filing deadline steady approaching. For those with greater assets, the risks of over payment of taxes, as well as the risk of an audit, are ever-present concerns. You probably have someone who handles your finances and...
The word "process" is boring and dull, and it is meant to make you feel bored. It is a term that no one wants to think about for too long. It's vague and uninteresting -- and yet, in relation to the Internal Revenue Service an tax issues, the word "process" holds...
Paying taxes is not a hobby to anyone. The greatest number of Americans pay taxes to avoid the grave consequences of federal tax crimes. Others devise strategies of eliminating or avoiding taxes within the legal framework. The Internal Revenue Service (IRS) of the US...
Taxes are not necessarily an issue that exists in a vacuum. They involve so many aspects of your life that when your taxes intertwine with these other issues, legal problems can easily arise. For example, do you run or own a business? Then there could be serious tax...
We have talked about the impending Tax Day and the fears that many people have about an audit on this blog a lot recently. These fears are rational from the perspective of someone undergoing an audit. The punishment and consequences with this action by the Internal...
As Tax Day draws nearer, some people may be realizing that they aren't prepared for April 15. Maybe they haven't received the necessary paperwork to complete their taxes yet; or perhaps their filings are so complicated that the task at hand is overwhelming. Even...
A new law that relates to taxes will take effect in March, and even though it was signed back in 2015, you may not have heard about it or contemplated its effects. The law is called the FAST Act, which stands for "Fixing America's Surface Transportation." Under this...