You’ve just received a notice from the IRS. It indicates that, after multiple attempts to get in touch with you, they are going to levy you. You start to panic; you don’t remember the IRS ever attempting to reach out to you. Maybe you’ve never even owed a tax liability. After calling the number on […]
Tax Season Is Here…And So Are The Scammers
The start of each new year typically brings renewed resolve to get healthy, strengthened desires for personal improvement, and of course, tax season. Tax season can mean different things to a lot of people. Some look forward to a large refund; for others, it’s one more thing to tack onto their to-do list. For the […]
New Consumer Warning Issued by the IRS Talks of Recent Surge in e-mail Schemes for 2016 Tax Season
Tax season is once again in full swing, and while that thought alone can be frightening to some, the renewed threat of scammers that are popping up recently is even more alarming. While tax schemes and phishing attempts have long been an unfortunate risk to citizens trying to do the right thing and stay on […]
Gambling Taxes & Casino Win-Loss Statements
In the last thirty years, gambling has changed its image from a quasi-legal activity to a major player in the economy. The IRS has responded accordingly, now requiring gambling winnings to be reported as a source of income, with losses deductible only to the extent of winnings. A professional gambler, or someone who gambles often […]
IRS Tax Audit Penalties & What You Should Know
If you have been summoned for an audit by the IRS, you should know that the odds of escaping without owing additional taxes are slim. In general, the IRS does not spend resources on conducting tax audits unless there’s a good chance for significant revenue to be gained. What you may not be aware of […]
When Does the IRS Pursue Criminal Charges?
Statistically, your chances of being charged with criminal tax fraud or tax evasion by the IRS are minimal. The IRS initiates criminal investigations against fewer than 2% of all American taxpayers. Of that number, only about 20% face criminal tax charges or fines. Related Article: The IRS Criminal Investigation Process Unofficially, the minimum amount of […]
How to Know if the IRS Is Auditing You
You may be under the impression that if you’re being audited, you’ll find out by a strong knock at your front door. Unless you’re in serious trouble, this won’t be the case. How will you know if you’re being audited? Short Answer: The IRS will let you know directly. The only way you’ll know for certain if […]
What Is The IRS Criminal Investigation Process?
Most of the woes associated with the IRS involve money. If you are audited, the most probable outcome is that you will owe more money to the IRS. In the worst case scenarios, an audit results in your owing a lot more money. But you almost never face criminal charges. An IRS criminal investigation is […]
House Approves Making Depreciation Tax Break Permanent – Bill Headed to Senate
The bonus depreciation tax break allows businesses to deduct up to 50% of the cost of capital purchases upfront, resulting in big tax savings for business owners. In May 2014, the Ways and Means Committee of the Republican-controlled House of Representatives voted 23-11 – along party lines – to renew and make permanent the tax break […]
10 Tips To Avoid A Tax Levy
The Treasury Department has a well-earned reputation for being serious about collecting its due. The mere mention of its taxation arm – the IRS, is sufficient to invoke fear into the most honest of taxpayers. One reason for the trepidation generated by the IRS is that it has a potent arsenal of weapons at its […]