Congress passed legislation in 2015 that allowed the IRS to outsource some of its collection work. Concerns had been voiced by the Inspector General for Tax Administration and the National Taxpayer Advocate, but private collection firms started working with the IRS earlier this year.
Private tax collection agency accused of questionable practices
Misclassification of workers and the tax consequences
Why it is important to ensure that each worker is properly classified? The distinction between independent contractor and employee determines the amount of taxes that must be withheld from a worker’s pay.
Filing status disallowance leads to a tax deficiency
The rules that determine proper filing status need to be reviewed closely or you could receive a letter assessing an unexpected tax liability. Married filing joint (MFJ) verses married filing separately (MFS) status was the subject of a recent tax court case.
Considering an OIC for tax debt: How much should you offer?
You may have already heard that it is sometimes possible to settle your tax debt for less than the full amount that you owe.
Supreme Court may hear retroactive taxation case
If an Illinois company doing business in Washington State has its way, the Supreme Court may be forced to decide at what point retroactive taxation provisions becomes unenforceable. The case at issue involves an Illinois company, Dot Foods, and its business transactions in Washington.
How much is artwork worth for estate tax purposes?
Valuations on artwork are frequently too low or too high. An IRS review from 2011 to 2015, found that 58 percent of the works of art reviewed had been valued incorrectly.
ACA compliance issues may lead to an IRS audit
The Affordable Care Act does not appear to be going anywhere this year. More failure to comply exchange notices are being sent from health insurance marketplaces to companies.
Can you write off a loss on the sale of investment property?
If you are making money off the sale of investment property you will probably owe capital gains. The adjusted basis on the property will be very important – remember to add capital improvements which minimize the amount of gain you realized.
Taxes and the sharing economy: 3 FAQs
If you're providing services in the sharing economy, you are probably very focused on the money-making opportunities. This is true whether you're renting out your house, driving for Lyft or Uber, or providing some other on-demand service arranged over an online platform.
3 tax tips from Fortune 500 companies
A recent report by the Institute of Taxation and Economic Policy is calling a number of Fortune 500 companies to task. The report alleges that a number of these companies paid nothing in taxes in recent years.
