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TAXES Archive

UNDERPAID TAX…YIKES!!

TweetShareSharePin0 Shares I am so "lucky" to be one of the 1 in 6 people to have received one of these…not..they make the cock up and we end up with the bill… I am sooo tempted to say stick it where the sun don’t shine…but I’m sure where the Tax Man is concerned it might

House subcommittee queries audit rates, IRS resources

TweetShareSharePin0 Shares Causes and cures for persistent high rates of improper payments of the earned income tax credit (EITC) and consequent high audit rates by the IRS of taxpayers claiming the credit were among topics discussed Wednesday by members of the Oversight Subcommittee of the House Ways & Means Committee. The session, “On Taxpayer Fairness

Update on Premature Assessments

TweetShareSharePin0 Shares 0 Flares Filament.io Made with Flare More Info“> 0 Flares × At the recent ABA Tax Section meeting the Tax Court announced that it had eliminated its backlog of cases which should stop the premature assessment problem it has created during the past two years

IRS audit rates decreased most for wealthy, GAO finds

TweetShareSharePin0 Shares IRS examinations of individual income tax returns declined between 2010 and 2019 across the board, but the trend was most pronounced for taxpayers with incomes of $200,000 or more, the U.S. Government Accountability Office (GAO) reported Tuesday. The report, Trends of IRS Audit Rates and Results for Individual Taxpayers by Income (Rep’t No.

Nationwide Tax Consulting

TweetShareSharePin0 Shares The Nationwide Tax Consulting provide the appropriate personalized service for each of our clients. Additionally, we work to maintain good relationships and cooperation with the IRS. Whether you are an individual taxpayer, a small business owner, a corporation, or any business entity, we will work diligently with you in order to provide you

Estate, Inheritance, and Gift Taxes in Europe

TweetShareSharePin0 Shares Inheritance tax dates to the Roman Empire, which collected 5 percent of inherited property to pay soldiers’ pensions. Today, the practice of inheritance tax is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Finland,

IRS blames old tech in destruction of information returns

TweetShareSharePin0 Shares The IRS said Thursday that it destroyed approximately 30 million unprocessed information returns because its “antiquated technology” forced it to dispose of the paper documents and vowed to process all such information returns that it received in 2021 and 2022. The IRS statement was in response to an audit report by the Treasury
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