Workers in the gig economy, also referred to as the "sharing economy," "on-demand economy" and "access economy," are typically considered independent contractors. If you earn money driving for Lyft, picking up groceries through Instacart, delivering food for Grubhub or renting out your property for Airbnb, for example, you will need to report this income to the IRS.
In theory, conservation easements are a benefit to the public. When a landowner donates land to the government or a land trust for conservation purposes, they can deduct the value of that land from their taxes. This potentially contributes new land to public use and enjoyment, and the tax deduction works much like a charitable contribution deduction.
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 because they're poor. Neither should we avoid the rich.
Late last month, the IRS began sending letters to over 10,000 cryptocurrency investors warning them that they may owe taxes on their crypto gains. Whether you received a letter or not, you should be aware that cryptocurrency tax compliance is currently a top priority for the IRS.
You’ve received a letter—seemingly from the IRS—stating that you may qualify for an additional tax credit. In this age of heightened concerns surrounding identity theft, you’re suspicious about the letter’s legitimacy. Would the IRS really go out of their way to help you save a few bucks?
Despite strong evidence to the contrary, many people in the United States have a belief that they are not actually required by law to file their income tax returns. In recent American history, many pacifists have refused to pay their taxes as a form of conscientious objection to the country’s war. Even in the last year, people have refused to pay taxes in protest to the actions of the current administration.
You may think all tax preparers are created equal. That would be a dangerous assumption to make. There are dishonest tax preparers out there, and if your highly sensitive information gets into their hands, it could spell real trouble for you. Dishonest tax preparers could commit tax fraud in their clients’ names as well as steal their clients’ tax refunds.
A new case brought to the U.S. Supreme Court last month has the potential to change the definition of tax obstruction—which could result in more lenient penalties for people convicted of tax evasion.
It was last year at about this time that the Protecting Americans from Tax Hikes (PATH) Act went into effect, which, among other new regulations, changed the deadline by which employers must send copies of their W-2 forms to the Social Security Administration.
You thought you did everything right. You gathered all of your necessary tax documentation as soon as it became available and filed your taxes early. Now you’re sitting around waiting for a refund check, which you thought should have arrived by now. It could be that the IRS had difficulty processing your return.