TaxAudit Blog: Tax Legislation and Updates
There are several tax benefits which you might want to anticipate before you file your 2021 tax return next year. Here is a summary of some of the tax changes.
If you didn't receive an Economic Impact Payment and meet the requirements, you can still receive the payment when you file your 2020 federal income tax return.
The tax gap is the difference between what the government actually collects in taxes versus what they should have collected to cover the real tax liability.
With the July 15th tax deadline approaching, here’s what you need to know. (1) If You Need More Time, You Can Still File for an Extension (2) Pay What You Owe
If you are currently under audit with IRS, you will still receive a stimulus check if your income falls within the eligibility limits.
Generally, yes. If you owe back taxes or have a payment agreement with the IRS, you will still receive a stimulus check if you are eligible to received one.
President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill includes tax-related provisions for individuals and businesses.
On March 20, 2020, U.S. Treasury Secretary Steven Mnuchin announced that the Treasury Department is extending the filing deadline for 2019 tax returns.
Returns are being processed, and refunds are being issued. Things seem back to normal.
Below is a list of misconceptions and examples of misinformation taxpayers may encounter during the upcoming tax season.
IRS Commissioner Chuck Rettig made it clear that the agency would be processing returns and providing refunds as scheduled, despite the government shutdown.
Here is a list of some of the taxpayers who will generally benefit from the new tax law.
Many people will likely owe extra money as a result of inadequate withholding because the new withholding tables were not accurate.
TCJA (The Tax Cuts and Jobs Act). Not since the Tax Reform Act of 1986 has there been a more sweeping reform of the tax code.
Divorces finalized after 1/1/19 no longer required the spouse receiving alimony to report the income, and in turn, did away with the deduction for the payer.
The new bill lowers some current tax rates, which changes the income thresholds at which the rates apply. Below is a comparison chart outlining the differences.
The IRS is searching for volunteers to lend a helping hand and to share some wisdom in their communities.
Congress reauthorized the IRS to use private debt collection agencies, or PDC, to collect outstanding tax liabilities.
The IRS can request the State Department to revoke a currently active passport of a U.S. taxpayer with severely delinquent tax debt.
President-elect Trump has listed a series of major changes and reforms that he aims to make during the first 100 days of his presidency.
The IRS is currently offering this cash payment alternative at participating 7-Eleven stores in 34 states.
The IRS is well aware that the U.S. Olympic Committee pays medalists a cash bonus of $25,000 for winning gold, $15,000 for silver, and $10,000 for bronze.
Congress extended many of the tax breaks that were set to expire at the end of 2015 as well as expanded a number of other tax provisions.
Where does America stack up in the world as far as corporate tax rates?
In essence, the flat tax is a system of taxation where one tax rate is applied to some types of income with no deductions.
Congress has slashed budgets, and the results will be interesting - especially where the Internal Revenue Service is concerned.
Sunday during the fall is a huge day of the week for many Americans. Namely, the sporting fiends with professional football fever. The National Football...
The IRS and National Taxpayer Advocate Nina Olson announced the adoption of a new Taxpayer Bill of Rights.
This decision is likely to impact many taxpayers, particularly anyone expecting to inherit an IRA from a parent or someone else.
Form 1023-EZ is a more streamlined process is available to small charitable organizations applying for 501(c)(3) tax exempt status.
It’s a long story that begins long before the arrival of the first Form 1040 Income Tax Return of Annual Net Income of Individuals...