If you usually receive a refund, you may not mind filing your federal income tax return at the beginning of every year. Still, the process may not conclude on April 15. On the contrary, you may receive an audit notice, requiring you to address agency...
Dealing with taxes is no fun. If your return has any mistakes, you may find yourself facing refund delays at best and an audit at worst. No one likes going through the auditing process or interacting with the IRS in any other way. However, did you know that you...
The IRS has been increasingly interested in tax compliance by those who receive income in virtual or cryptocurrencies. According to the agency, income from investments in these currencies are taxed at the appropriate capital gains rate.That's going to require a lot of...
In April, the nonprofit investigative news service ProPublica revealed that the IRS spends at least as much time auditing the working poor as it does the wealthiest 1% of Americans. On the surface, that seems fair enough. We shouldn't avoid auditing the poor just...
An increasing number of Americans have discovered the benefits of self-employment. A recent study found that approximately 16 million Americans enjoy self-employment, which means they must make estimated tax payments throughout the year. For other jobs,...
We've probably all heard about the lengths the U.S. government will go to in order to collect unpaid taxes. This is especially the case when it comes to money held abroad. The U.S. has not only made it mandatory to disclose foreign assets of $50,000 or more, but it...
In 2014, the IRS made clear that it considers Bitcoin and other cryptocurrencies to be property, not currency. These convertible virtual currencies, or CVCs, are therefore taxed as capital gains.In other words, when you sell CVCs, exchange them for other CVCs, or use...
When people go through a financial deficit, it can make it hard to pay bills. For those who owe taxes on top of other financial obligations, it can become burdensome.Thankfully, the IRS provides the Fresh Start program to aid in resolving tax debt matters....
Many taxpayers in Georgia have questions about their tax returns. You may find the answers you need online, but in some cases, you need to reach out to the IRS privately. From there, you need to decide whether you want to pursue a tax ruling or just an opinion on...
If you owe the IRS over $52,000 in back taxes, including penalties and interest, you could lose your passport if you're not involved in a good faith attempt to resolve the debt. This is considered a "seriously delinquent" tax debt under the Fixing America's Surface...
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