One of the classic issues in tax law is commonly known as "hobby loss." It involves trying to distinguish between a hobby and a business activity.It's an important distinction because tax deductions and possible tax controversies are at stake. After all, many people...
This week the IRS announced the dates for the upcoming tax filing season. Federal tax returns for 2015 will be accepted beginning on January 19, 2016.The deadline for filing or requesting an extension will be slightly later than the usual April 15 date. Because of the...
When the IRS freezes your bank account due to tax debt, it quickly makes your tax trouble especially urgent.After all, you probably don't have cash stuffed in your mattress or gold hoarded somewhere in your house. An IRS levy against your bank account can therefore...
Last week, the Criminal Investigation division of the IRS released its annual report for Fiscal Year 2015. The numbers tell a story of an agency that has had to cut back significantly on the number of investigations it initiates.The cutbacks are not the result of a...
When you think about it, the tax system here in the United States is really based on the honor system. The federal government trusts that you will honor your responsibility to file your tax forms to the Internal Revenue Service for processing. Of course, you truly are...
