Musicians, actors and sports stars sometimes make news when they run into issues with the Internal Revenue Service. On this blog, we have discussed tax liens filed against celebrities, such as Lionel Richie, Sinbad and Lindsey Vonn.Reportedly, former NFL player...
With expanded access to broadband and wireless internet connections, more employees work remotely from a home office. Running a start-up from a home office is also common and many business owners keep their main office in their home.Last year, the U.S. Internal...
When you do not have the money to pay your tax bill before the filing deadline, you may not file a return. Requesting an extension usually does not avoid the failure to pay penalty.Federal and state tax penalties add up quickly. On top of the back taxes and interest,...
One tool that the Internal Revenue Service uses to collect back taxes is the tax levy. A levy allows the IRS to take property to satisfy an outstanding tax debt.A proposed rule could expand the ability of the IRS to collect back taxes from federal employees. The IRS...
This is a follow-up to a post we did last winter on correspondence audits.The term “tax audit” is often associated with face-to-face audits. As we noted in our March 5 post, however, correspondence audits – also known on “corr-exams,” are...
On July 1, 2014, the Foreign Account Tax Compliance Act went into effect. The measure was passed in 2010 as part of the Hiring Incentives to Restore Employment Act. FATCA has been billed as a way to curb the use of unreported foreign accounts to avoid U.S. tax...
