Federal Tax Updates Archive
TweetShareSharePin0 Shares ? Foreign Bank Account Reporting Foreign Bank Account Reporting Foreign Bank Account Reporting: Each year, US Taxpayers who have foreign financial accounts such as bank accounts, investment accounts, pension accounts and certain foreign life insurance policies are required to disclose their overseas account and asset information to the IRS and FinCEN on various
TweetShare1SharePin1 Shares Internal Revenue Service Source: Flickr The Internal Revenue Service, often known simply as the IRS, has been in place since 1862. While it has done many great things for the country it also gets a bad rap. People don’t like paying in taxes and they certainly don’t like the idea that they may
TweetShare1SharePin1 Shares IRS Obtains More Than 100 Injunctions Against Tax Scheme Promoters Source: Flickr The IRS has obtained civil injunctions against more than 100 promoters of illegal tax avoidance schemes and fraudulent return preparers in an ongoing crackdown that began in 2001. Many of the injunctions, obtained in cooperation with the Department of Justice, also
TweetShare1SharePin1 Shares Your Affiliate Business and Taxes Source: Flickr Starting a home-based business on the Internet is easy you say. You have your web page built, your affiliate links and you’re ready to go. Not really, you need to make sure you have all your i’s and t’s crossed when it comes to taxes. Getting
TweetShare1SharePin1 Shares Tax Refunds: How Do They Work? Source: Flickr The best part about filing your taxes is getting the tax refund check! Chances are, you have been paying your taxes directly, or your employer has been withholding tax dollars from your paychecks. Many individuals overpay on their taxes, so they quickly file their taxes
TweetShare1SharePin1 Shares With the Biden administration proposing a variety of new taxes, it is worth revisiting the literature on how taxes impact economic growth. In 2012, we published a review of the evidence, noting that most studies find negative impacts. However, many papers have been written since, some using more sophisticated empirical methods to identify
TweetShare1SharePin1 Shares Treasury: New proposals to close a tax gap of $600 billion in 2019. Treasury estimated the gap between taxes owed and taxes paid on time was about $600 billion in 2019, and could total $7 trillion over a decade. To close the gap, it proposed several additional initiatives including giving IRS funds to
TweetShare1SharePin1 Shares When Joe Biden ran for president, his campaign platform included dozens of relatively specific tax proposals. They ranged from expanding refundable tax credits for low- and moderate-income households to increasing payroll taxes for high-income workers to major changes in the way the US would tax multinational corporations. And, with a few notable exceptions,
TweetShare1SharePin1 Shares IRS Lock-In Letters – What’s An Employer To Do? Source: Flickr Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. The IRS will then send a “lock-in” letter on the amount to be withheld.
TweetShareSharePin0 Shares FATCA (Foreign Account Tax Compliance) FATCA (Foreign Account Tax Compliance) FATCA & 5 Key Facts About Foreign Account Tax Compliance: When it comes to offshore reporting of foreign assets, one of the most common forms that is required by US Taxpayers is Form 8938 which came into effect with the introduction of FATCA.