Settling with the IRS without hiring a lawyer might seem daunting, but it’s more achievable than you think. With the right approach, you can handle
Have a tax debt near $50,000? You may find yourself unable to travel. In December, President Barack Obama signed a 5-year infrastructure spending bill. Sandwiched within this bill aimed to improve our nation’s highway and transit systems, was an IRS passport law.
One of the most recognizable names in the entertainment industry, Beyoncé Knowles-Carter, has found herself in hot water with the IRS. The world-famous performer and businesswoman owes approximately $2.7 million in taxes and penalties.
On August 16, President Biden signed the Inflation Reduction Act of 2022 into law. This comprehensive bill targets making health care and prescription drugs more affordable, fighting climate change, taxing wealthy corporations, and more funding for the IRS. Although the President has signed this bill, some savings in the bill won’t kick in right away. For example, efforts to lower drug prices, including caps on their costs for seniors, won’t take effect until 2025.
Owing the IRS money is a stressful process. Adding long wait times to that process just makes the stress even worse. But, as many people have experienced recently, long wait times for tax documents processing have become a common problem. This isn’t just because the IRS wants to make you wait. They are working hard to fix the problem, even if it may not seem that way to everybody.
The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start.
How much of your paycheck you’ll keep under Clinton and Trump. The Obama years saw the Bush tax cuts made permanent for all but the wealthiest, plus new Obamacare levies. Now the question of how much of your paycheck you’ll get to keep—and who should pay more or less—is back on the table in a big way.
The U.S. Treasury Department issued its final debt-to-equity rules Thursday, with changes to exempt certain kinds of corporations, employee stock plans, and others from regulations meant to curb the tax benefits of corporate inversions.
Indian police have arrested 70 people and are questioning hundreds more after uncovering a massive scam to cheat thousands of Americans out of millions of dollars by posing as U.S. tax authorities and demanding unpaid taxes, a police officer said Thursday.
The use of offshore accounts to avoid taxes is not particularly new. However, in a globalized world, are they still a safe way for tax dodgers to hide their income? Check out some of these recent tax scandals to see.
