Tax evasion in the United States is more common than you might think. However, most people don't know that it is a serious crime. This article will take a comprehensive look at everything you need to know about tax evasion, including what it is and the...
Each year, every US citizen is required to submit their tax reports to the Internal Revenue Service (IRS). You end up either owing money or requesting a refund. After tax day, the IRS analyzes the submitted reports, and often, that's it. But if the system finds...
When it comes to filing taxes, every little detail counts, and while the chances of receiving a wrong assessment are slim, it can happen. According to IRS, some of the most common errors made when filing taxes resulting in tax assessment include the following:...
The possibility of facing a tax audit by the IRS can be intimidating and overwhelming. Many individuals are, therefore, worried about making mistakes when filing taxes. A mysterious meeting with the IRS can never be good news for anyone. Luckily, you can work towards...
The Internal Revenue Service (IRS) has a variety of methods to address taxpayers who do not file accurate tax returns or do not submit a return. Among them, the federal agency can deny an application for a U.S. passport or revoke an existing one. The IRS can...
Running a business can be difficult, but it's important to make sure that you're doing everything within legal confines. One thing you want to avoid is facilitating tax evasion in your business. This can get you into a lot of trouble with the IRS and could even lead...
State and federal laws require many employers to take certain deductions from their employees' paychecks. Whether they must deduct anything depends, in part, on the workers' employment status. For example, employers who have independent contractors (ICs) may not be...
Having an offshore account is legal as long as the account holder follows the required disclosure and filing mandates outlined by the IRS. Foreign banks also require that their clients comply with the local and international tax laws to avoid litigation risks...
Paying taxes is inevitable, but if you receive a notice from the Department of Revenue (DOR), you might feel a sense of anxiety or fear. In some cases, you may be able to dispute DOR notices or create a more manageable payment program if the tax amount is...
Federal tax law is complicated. Oftentimes, tax disputes and conflicts can occur among individuals and organizations. Taxation disputes have proved to have costly impacts, like interest imposition and penalty assessments, back tax, and sometimes criminal...
