Almost four years ago, the Department of Treasury called upon the Internal Revenue Service (IRS) to increase its federal tax audits of taxpayers with income of $10 million or more. Such audits were on the decline, likely, partly because audits of high earners are...
Federal tax obligations often perplex taxpayers, especially when dealing with the priority statute's legal implications. This statute determines the order in which taxpayers must pay their debts when the taxpayer’s assets are insufficient to meet all liabilities. It...
The U.S. government requires taxpayers with a foreign bank account that has $10,000 or more at any point during the tax year to report the account using the Report of Foreign Bank and Financial Accounts (FBAR). A failure to file can result in steep penalties,...
IR-2024-138, May 9, 2024 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024 Home Improvements & Previously Owned Clean Vehicle Energy Credits: IR-2024-137 —making certain energy...
When a taxpayer owes money to the Internal Revenue Service (IRS), the federal government has a powerful tool to collect that debt: the federal tax lien. This lien can potentially turn into a judgment, extending the IRS's window to collect for decades. Federal tax...
Serving as an executor to an estate or trustee to a trust is a serious commitment. Those who are serving in these roles are wise to move forward carefully. Various rules and regulations apply, and a misstep can mean more than a financial penalty to the estate or...
Learn how to minimize your taxes legally! Explore the distinctions between tax avoidance and tax evasion, learning what actions are legal and what can lead to serious consequences.
Learn how to avoid common employment tax mistakes and stay compliant with IRS regulations to save time, money, and stress.
2024-2025 IRS Priority Guidance—Want to Opine? Per Notice 2024-28, 2024-13 IRB, the IRS invites the public to submit recommendations for items to be included on the 2024-2025 Priority Guidance Plan. This document is used by the IRS to identify and prioritize tax...
Corporate tax planning is a critical component of any company's financial strategy. Savvy business leaders know that successful tax planning doesn't just involve complying with the law — it's about leveraging it to enhance business efficiency and profitability. But...
