Many of us enjoy hobbies in our free time. Whether its crafting or woodworking, building websites or small engine repair, hobbies offer a respite from everyday life in the form of stress relief and building personal skills.
Last week brought a potentially huge development in the long-standing fight against abuses of IRS authority in civil forfeiture cases: The U.S. House of Representatives passed via voice vote the Clyde-Hirsch-Sowers Restraining Excessive Seizure of Property through the Exploitation of Civil asset forfeiture Tools (RESPECT) Act.
State legislatures continue to increase the tax on cigarettes. Alcohol comes up in the sin tax discussion occasionally. The latest in Massachusetts is a proposed tax on sugary drinks, which health advocates argue will lower the rate of type 2 diabetes.
Certain IRS rules sound rather simple. Here is one: Alimony is deductible and the deduction does not have to be itemized. It is a so-called above-the-line deduction.
Could the value of bitcoin continue to increase? One teenage bitcoin millionaire predicts we’ve not see the top for the cybercurrency.
Each year, the IRS releases a data book with statistics from the prior calendar year. Culling through the tables yields interesting information.
It was recently National Small Business Week. The IRS thus highlighted some tax topics relevant to small business owners.
Under continual budgetary pressure and shrinking numbers, the IRS has needed to identify new ways to ensure compliance. Campaigns focusing on certain issues are one way they are planning to stretch limited resources.
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.