Many individuals turn to tax preparation services to file their taxes. In some years, more than 50% of filers use a paid preparer. Unfortunately, not all tax preparers are created equal, and you could find yourself facing questions from the IRS if your tax preparer...
COVID-19 made 2020 a challenging year for businesses. To help small and medium companies survive, the federal government passed legislation to return money to businesses through tax credits. Companies need to file through the IRS to claim these tax credits, which end...
Under a new administration comes the release of a new tax plan. For those who have been taking advantage of tax loopholes with their offshore accounts and keeping profits offshore, they may be finding new ways to submit their taxes since previous incentives may no...
Did you know that you will most likely continue to pay taxes even during retirement? The tax is calculated based on your yearly income, much like how it was before your retirement. However, understand that different tax rules can apply depending on the type of income...
COVID-19 choked international travel in 2020, so this might have slipped under your radar with everything else happening in the world. But it's true: you might be denied a passport if you owe substantial taxes! If you have a substantial outstanding balance with the...
As a basic rule, every state requires residents who live within its borders to pay taxes irrespective of whether they work locally, telecommute or work completely remotely. However, a few states have what they call the 'convenience of the employer' rule, which...
Offshore banking typically involves an individual opening up a bank account in a foreign country that they do not reside in. Many people tend to believe the reason for holding one of these accounts is to evade taxes or hides assets. However, in truth, there are a...
As a basic rule, every state requires residents who live within its borders to pay taxes irrespective of whether they work locally, telecommute or work completely remotely. However, a few states have what they call the 'convenience of the employer' rule, which...
The IRS has announced (IR-2021-16) it will begin accepting and processing 2020 tax returns on February 12, explaining that a later start date gives the agency more time to program and test its systems following end-of-the year tax law changes that included a second...
IRS Has Yet to Process Millions of Individual and Business Tax Returns from Last Filing Season In a recent foxbusiness.com article about the IRS National Taxpayer Advocate (NTA) annual report, it states that as of November the IRS still had 7.1 million unprocessed...
