Payroll taxes make up about 2/3 of the IRS' annual revenue. With the COVID-19 pandemic sweeping the globe and unemployment at an all-time high, the IRS is expecting a significant decline in this revenue, meaning after the panic has ended, they will need to replenish...
Year: 2020
The IRS will need to recoup lost revenue from somewhere
In recent months, the United States has come up with a number of solutions to help taxpayers and corporations keep their heads above water. With tens of millions of families losing their stream of income and businesses shut down, the revenue stream is at a critical...
Owe taxes from 2019? Tips to reduce penalties.
Generally, taxpayers who owe from previous tax years can file an amended return and send a check to cover the missed bill. The harm that taxpayer faces depends on the details, but generally equates to a relatively small interest penalty. Unfortunately, in light of...
Tax crime and punishment during the coronavirus pandemic
The coronavirus is shutting down businesses throughout the country. Health care experts are recommending precautions to help curb the spread of the disease. One recommendation: social distancing.This safety measure is not always possible, especially for those who are...
IRS extends more tax deadlines
With the country in a time of crisis, the IRS is stepping up, extending more tax deadlines not only for individuals but also companies, trusts, estates, corporations, and others to help provide both individuals and entities with the added time they need to file and...
Do IRS diminished resources mean reduced enforcement?
You may have heard recently that a lack of staff resources has led to reduced tax compliance. From 2010 to 2017 there has been a significant decrease in IRS personnel used for audit examinations from 13,138 to 8,205, representing a 38 percent decrease in just seven...
New IRS program suspends installment agreements, other rules
In the wake of the COVID-19 pandemic, the Internal Revenue Service has created a program designed to assist people who may be having challenges with filing their taxes during this uncertain time. The program, called the IRS People First Initiative, will include a...
Are you eligible to take a foreign tax credit?
The IRS just recently announced the final regulations that can aid taxpayers in determining their eligibility and calculations for foreign tax credits. The changes have come in response to the Tax Cuts and Jobs Act as well as the need to develop regulations for...
Filing and paying company withholding taxes
The government requires that all employers file and pay their taxes in a timely manner. This includes making federal tax deposits and filing an annual 940 or 940EZ, filing quarterly 941 forms, filing annual 945 forms, and filing annual W-2 wage and tax statements for...
Filing and paying company withholding taxes
The government requires that all employers file and pay their taxes in a timely manner. This includes making federal tax deposits and filing an annual 940 or 940EZ, filing quarterly 941 forms, filing annual 945 forms, and filing annual W-2 wage and tax statements for...