Category Archives for ELIMINATING IRS TAX DEBT

IRS Targets Nonfilers: Their New Push to Bridge the Tax Gap

  • March 15, 2024

Taxpayers beware: the IRS is renewing efforts to address the rising issue of nonfilers, aiming to recover billions in unfiled tax returns."The Growing Challenge of Nonfilers for the IRSThe Internal Revenue

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Ohtani’s $680M Decision Spurs Deferred Contract Tax Planning Insights

  • February 16, 2024

Shohei Ohtani's groundbreaking $700 million contract with the Los Angeles Dodgers not only sets a new benchmark in professional sports but also introduces complex financial planning and tax considerations.

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IRS Targets Sports Teams, Boosts Wealthy Tax Filers Enforcement, Cites Tax Losses

  • February 15, 2024

Buying and running sports teams come with certain tax breaks (from tax losses).The Internal Revenue Service (IRS) will intensify its scrutiny of the sports industry’s reporting of sports teams' tax losses,

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IRS Collects $482M in Back Taxes From Millionaires in 2023

  • February 14, 2024

Some millionaires were also sent to prisonThe Internal Revenue Service says it collected almost half a billion dollars from wealthy tax cheats last year, in a continuing effort to step up their enforcement

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IRS Targets ‘Complex Pass-Through Entities’ Used by High-Income Earners

  • November 16, 2023

The IRS announced the establishment of a new division targeting “pass-through” entities, which the agency claims will hold America’s wealthiest tax filers “accountable.”Pass-through entities

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IRS Targeting Wealthy Citizens in New Compliance Initiatives

  • November 15, 2023

In a series of new IRS compliance initiatives, the tax agency has its sights set on high-income, high-wealth entities and individuals. The IRS is, among other issues, going after individuals having over

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IRS Cracking Down on Illegal Sports Betting

  • October 12, 2023

The Internal Revenue Service's Criminal Investigation division is targeting illegal activity tied to sports betting as the pro football season gets underway.Between 2021 and 2023, IRS criminal investigators

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IRS Will Go After ‘Complex Partnerships’ to Close Tax Loophole

  • September 8, 2023

The Internal Revenue Service is planning to address what it calls “large, complex partnerships” in an attempt to go after business entities that avoid paying taxes by abusing a known tax loophole.This

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IRS Updates Guidance on Handling Special State Tax Payments

  • September 8, 2023

The Internal Revenue Service recently issued guidance on how taxpayers should report the special tax payments, refunds and rebates they received from states in recent years as a form of relief during the

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An Installment Agreement May Be Your Best Tax Resolution Option

  • June 6, 2023

Resolving Tax Challenges: Unlocking Financial Freedom with an Installment Agreement and Tax Problem Solver's Expert TeamFacing tax-related challenges can be a stressful experience, leaving individuals

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