The Internal Revenue Service (IRS) has consistently called out high-income earners for tax compliance issues, particularly those with assets and accounts beyond U.S. borders. This focus aims to minimize tax evasion and ensure that taxpayers contribute their fair...
Tax laws are complex, and mistakes can happen. Receiving a mailing from the Internal Revenue Service (IRS) can lead to all sorts of questions, ranging from how much I owe to whether I could go to jail. It is important for any taxpayer who receives notification of a...
As we move into 2025, Georgia is implementing several significant changes to its tax laws. These changes are designed to provide tax relief and improve the state's tax system. Here's a detailed look at what you can expect. Lower Personal Income Tax Rate One of the...
Individuals with income from employment, investments and even gambling have to file income tax returns. Frequently, employed individuals qualify for income tax refunds because they paid more than they needed to toward their federal income tax obligations for the year....
It is standard practice for spouses to file their taxes together. While some couples do file their annual income tax returns separately, joint filings often help people maximize their use of deductions and credits. Frequently, one spouse handles financial and tax...
Filing an annual tax return allows someone to verify that they have paid a sufficient amount in income taxes. The Internal Revenue Service (IRS) reviews information provided by employers and financial institutions when verifying the tax returns submitted by...
People like to claim that the government always gets what people owe it. That aphorism is a way of conveying how serious the Internal Revenue Service (IRS) is about enforcing tax law and collecting on valid tax debts. Not only can the IRS hold people accountable for...
Once someone begins working or receiving passive income from investments, they have to start reporting their income to the government and paying income taxes. Filing an annual income tax return is necessary for anyone with significant income even if they are still a...
Holding personal resources in an offshore account was once a top tax avoidance strategy. However, that has shifted in recent years. While some people may continue to hold resources in international bank accounts, they will typically derive far less protection from...
A tax controversy occurs when an individual taxpayer and an authority assessing taxes disagree about someone's responsibilities. For example, if the Internal Revenue Service (IRS) accuses someone of tax evasion by misrepresenting their income, that tax controversy...
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