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
Read MoreShohei 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.
Read MoreSome 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
Read MoreIn 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
Read MoreTax law has an exception for unconventional “homeowners”. If you are able to “itemize” your deductions, you can deduct the mortgage interest payments even when the deed to the house and the mortgage
Read MoreThe 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
Read MoreThe past year was unique in a number of ways that will impact the rapidly approaching filing season. Continued implementation of the Tax Cuts and Jobs Act, plus the pandemic-response legislation such as
Read MoreA recent IRS ruling tying up a loose end in the 2020 economic-relief law could require many small businesses to pay taxes on government PPP aid meant to help through the pandemic.On Nov. 18, the agency
Read MoreBetween the political environment and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax – which makes year-end tax planning all
Read MoreThe Paycheck Protection Program (PPP) loans are a popular option for businesses struggling due to COVID-19, but understanding the tax obligations associated with them can be confusing and challenging,
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