We know that as budget cuts take their toll, the IRS will be working to squeeze more from each audit. Even as the overall number of audits decreases, wealthy families, successful business owners and those with complicated returns will face increasing scrutiny.
The IRS announced this week that it had started accepting and processing 2016 tax returns. This year you have until April 18, 2017 to file and pay any taxes due to avoid penalties.
While most IRS audits are completed via written correspondence, the agency still utilizes in person audits. When an IRS agent requests to come to your home or business, the situation is serious.
It may become impossible to stay ahead of tax debt as penalties and interest add to the balance. An offer in compromise (OIC) may provide some relief. It is a way to settle with the IRS for less than the full amount you owe.
Listing a guest bedroom on Airbnb or picking up some side income driving for Uber? You need to be thinking about taxes already. Whether or not you receive a 1099 in January, you have the responsibility of reporting income and supporting deductions.
In the not-too-distant past, homeowners watched in horror as their most prized asset plummeted in value and their prospects of realizing a profit on its sale rapidly diminished. Fast forward to the present, however, and things are considerably different.
The Boston marathon kicked off this morning in Hopkinton with approximately 30,000 runners traversing the city to finish on Boylston Street. The 26.2 mile event makes it more difficult to get around the metro area. For this reason, it is fortunate that the tax filing due date in Massachusetts is tomorrow, April 19th.
If you're still getting your tax return ready to file, you've got plenty of company. Millions of taxpayers around the country wait until the last minute to file. On April 18 alone (the last day to file in 48 states), the IRS expects the number of returns that come in to be more than 5 million.
At the end of 2015, Congress passed a law that eliminated the need for end-of-the-year brinkmanship over tax extenders. The Protecting Americans From Tax Hikes Act did not contain much that was new, but it did offer clarity and more certainty.
With no funding increase since 2000, the Internal Revenue Service has lost approximately a quarter of its enforcement officers. Fewer staff has tended to correlate with reductions in collections. This was the case last year as collections dropped to $52.4 billion from $57 billion the prior year.