The IRS allows taxpayers to appeal from agency decisions. A taxpayer petition must be filed within 30 days in a collection due process case, however.
If you had one or several accounts outside the U.S. that had more than a combined amount of $10,000 at any time over the year, you probably need to file. The Report of Foreign Banks and Financial Accounts (FBAR), FinCEN Form 114 needs to be electronically filed with the Treasury Department's Financial Crimes Enforcement Network (FinCEN).
The general answer is no. How broad in the definition of uniform?
April is right around the corner, which means the tax filing deadline is almost here. If you owe this year, you are probably just starting to think about your options.
Every so often the tax court rules on a case with interesting facts. The distinction between a business and a hobby is often the topic in these cases. A business loss can be deducted, but a hobby loss cannot. Get this wrong and you could owe a large tax bill.
At the height of tax filing season, we wanted to address two common tax myths. Making either of these mistakes could result in an Internal Revenue Service audit and significant back tax bills.
Do you have a health savings account (HSA) through your health insurance? many types of policies now come with HSAs to cover out-of-pocket medical costs.
In the first part of this post, on December 27, we provided an introduction to the concept of hobby loss by looking at a recent case example. The case involved a photographer who created and sold stylized digitized images of the American West.
One of the classic issues in tax law is commonly known as "hobby loss." It involves trying to distinguish between a hobby and a business activity.
In the first part of this post, we discussed two possibilities for getting your tax bill paid. One possibility is to take out a personal loan so you can pay Uncle Sam. Another is to set up a short-term payment plan.