Tag Archives for " taxes 2021 "
The 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 MoreThe latest tax avoidance trick probably isn’t for you
There’s a tax avoidance trick that the super-rich are already using to avoid paying the higher taxes proposed by Democrats to finance their spending plans. Naturally, the moderately rich are interested,
Read MoreBombshell tax draft throws a curveball at the wealthy
The fight in Congress over emerging tax increases on the wealthy took a dramatic turn on September 13, with a slew of unexpected proposals from lawmakers, including retirement plans, inheritances, and
Read MoreIRS begins distributing monthly Child Tax Credit payments
The IRS and the Treasury recently started disbursing advance monthly payments of the expanded Child Tax Credit in a program that aims to lift millions of families out of poverty.Approximately $15 billion
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
Read MoreWhat 2020 Tax Issues are Impacting the 2021 Tax Season?
The 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
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