The Internal Revenue Service (IRS) does not take the requirement that taxpayers actually stay in compliance with tax laws lightly. This was recently highlighted in a case involving a hospital that lost its charitable status. This translated to a huge cost to the organization, as the hospital lost the tax benefits that come along with the designation.
Topics: Tax Law
Friends and family may not be the only ones browsing your Facebook, Twitter and Instagram accounts. A recent publication notes that the Internal Revenue Service (IRS) is also keeping tabs on these accounts.
University of Iowa is in hot water. Due to a technical error, the educational institution failed to collect taxes for over 2,700 student employees. This has resulted in a backlog of over $834,000 in payroll taxes.
Topics: Payroll Tax
Taxes are difficult. It is easy for anyone to make a mistake when attempting to file taxes, but what makes the difference between an honest mistake and a crime? The following helps to answer this question.
Topics: Tax Fraud
You’ve let some deadlines go. The amount of taxes that you owe has kept increasing and increasing – until the IRS may be looking to collect tens of thousands of back taxes from you.
Topics: Tax Evasion
If you’ve come to a point of no return in your marriage, taxes may very well not be top of mind compared to other, more emotionally pressing issues. It’s important to realize, however, that divorce or separation can affect your taxes in many different ways. This is especially true if you owe a lot of taxes already. In this post, we will address use a Q & A format to address issues involving divorce and taxes.
Filing for taxes is not a fun process. The instructions that go along with the forms are often pages long, and the forms themselves are difficult to follow. Lawmakers are well aware of the complaints of their constituents and often propose reform, yet reform has recently been lacking.
Topics: tax audit
Flipping a house seems like a fun way to make some extra cash. Many shows on HGTV provide entertaining views of this hobby and couples across the country are jumping on the bandwagon. Unfortunately, once these excited home flippers start the process they may realize that the shows on HGTV often edit out some of the more complicated parts of the process. One in particular: the impact of taxes on the sale.
The Internal Revenue Service (IRS) was recently accused of “flagging too many legitimate tax returns as potentially fraudulent.” The accusations were made by a taxpayer advocate within the agency, who also stated that “taxpayers are unduly burdened with a quirky authentication process that sometimes requires taxpayers to authenticate their identities in person.”
Navigating tax obligations is never a fun task. It is tempting to put this off until after the New Year, but taking proactive steps after certain life events can help reduce headaches in the future.
This is particularly true when it comes to updating one’s tax withholding status. Two specific examples that should trigger a review and potential change include a change in your professional trajectory and major life events.