When it comes to the obligation to pay federal income tax to the Internal Revenue Service (IRS), offshore bank accounts are a common source of confusion among those who must pay federal taxes in the United States. Quite a few people still think of offshore accounts as...
The U.S. Supreme Court has just overturned a long-term precedent in a case involving two companies in bankruptcy. One was a parent corporation and the other was a subsidiary. They had no agreement to allocate the taxes in any particular way. Who owns the $4 million...
Georgia residents who owe less than $1 million in income taxes will have until July 15 to file their most recent tax returns. Corporations that owe less than $10 million will also get an extra 90 days to file a return and pay their income taxes. However, those who are...
Those who make a profit from cryptocurrency transactions generally need to pay taxes on their gains. However, the government has historically had trouble keeping track of how much a taxpayer may have earned trading or mining digital currencies in a given year....
Made a mistake on your taxes? That's only to be expected, right? After all, federal taxes are complex and hard to understand. It's easy to make mistakes.If you didn't intend to cheat the IRS, you might thing you're free and clear. You just correct any mistakes they...
The IRS has proposed new regulations on how to deduct business expenses under the Tax Cuts and Jobs Act (TCJA), which added some restrictions and limitations. Previously, taxpayers could deduct 50% of all entertainment, amusement, or recreation expenses as long as...
You always endeavor to pay your taxes on time, but this year was different than usual. Though you put aside money for taxes in most cases, you had medical bills and other major purchases that required more of your savings than usual. That means that you simply don't...
Owing the Internal Revenue Service money isn't something that most people want to do. When you're in this position, you're probably ready to get everything taken care of as quickly as possible. This debt quickly becomes a priority because of the steps the IRS can take...
When married couples file joint tax returns, they accept individual and joint responsibility for any taxes owed. That means the IRS can ask either spouse or both to pay the taxes, along with any penalties and interest. This is true even if they later divorce, and even...
The IRS is intensifying its hunt for people who don't pay taxes on their cryptocurrency gains. Although people are becoming more aware that cryptocurrency gains and losses are taxed as capital gains and losses, the IRS fears that many millions of transactions may be...
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