Category Archives for BUSINESS TAXES
What Is Power of Attorney and When Is It Used?
To protect your privacy, IRS employees won't talk to just anyone about your taxes. To give them permission to discuss your taxes with someone other than yourself, the IRS will need a power of attorney
Read MoreLawmakers Demand The IRS Deal with Backlog ASAP
A group of 99 House Republicans has sent a letter to Internal Revenue Service Commissioner Charles Rettig asking for information about how the IRS plans to fix the backlog of unprocessed tax returns before
Read MoreHere’s How to Evaluate a Tax Relief Firm from a Cost Standpoint.
Note: you should refer to a tax attorney. Tax attorneys have the highest level of representation and credentials and can offer more options to you compared to a CPA or an enrolled agent. You need to know
Read MoreThe IRS Spotlights Charity Fraud Awareness
The Internal Revenue Service is teaming up with international organizations and regulators this week to call attention to the dangers of charity fraud and to bolster charity fraud awareness.Raising awareness
Read MoreThe IRS Signs Three New Collection Agencies
Seriously tax-delinquent taxpayers may soon hear from someone new.The Internal Revenue Service has awarded contracts to three private collection agencies for the collection of overdue tax debts. The new
Read MoreIRS switched strategies for pursuing the wealthy, but came up short
The Internal Revenue Service ended one strategy for examining high-income taxpayers in 2017 and switched to another strategy involving the IRS targeting the wealthy that brought in far less tax revenue
Read MoreU.S. Treasury Announces New Cryptocurrency Tax Reporting Requirements
The Treasury Department announced that it is taking steps to crack down on cryptocurrency markets and transactions and said it will require any transfer worth $10,000 or more to be reported to the Internal
Read MoreBiden Seeks $80 Billion to Bolster IRS, Tax Enforcement!
To frame this article in the proper context, the Biden administration and Congress are seeking to pump a lot of funding to the IRS, to increase enforcement against tax delinquency, among other things.
Read MoreEmployed During the Pandemic? Beware of This IRS Tax Form ID Scam
Did you get a tax form for unemployment you never received? You’re not alone.If you’ve managed to stay employed throughout the COVID-19 pandemic, count yourself as lucky, but identity scammers may
Read MoreAre IRS Penalties Tax Deductible?
The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service (IRS). IRS penalties are typically assessed for violations of tax laws, such as misreporting income
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