Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:   December 16, 2020

Link to Original Article:  https://www.irs.gov/newsroom/new-things-taxpayers-should-consider-as-they-get-ready-to-file-taxes-in-2021

Original Article Source Credits:   CPA Practice Advisor  , https://www.cpapracticeadvisor.com/

Article Written By:  Dan Rahill

Original Article Posted on:  Dec 16th, 2020

Link to Original Article:  https://www.cpapracticeadvisor.com/tax-compliance/news/21202885/tax-planning-for-yearend-2020

Original Article Source Credits:   The Balance , https://www.thebalance.com/

Article Written By:  Beverly Bird 

Original Article Posted on:  September 01, 2020

Link to Original Article:  https://www.thebalance.com/overview-of-individual-taxpayer-irs-audit-4147677

Tax identity theft occurs when identity thieves obtain your Social Security number and file a fraudulent tax return on your behalf.

According to the Federal Trade Commission, tax identity theft is the most common form of identity theft. The FTC estimates that it costs taxpayers over $5 billion a year.

Consumer advocates believe that since Social Security numbers are so readily available on the dark web, that a majority of Americans are at risk.

Taxes are one of those topics people hate to talk about or even think about, especially if they end up owing money in back taxes every year. That's why many taxpayers wait until the very last moment to prepare for tax season. It’s also why nearly 14 million Americans find themselves receiving threatening letters from the IRS and in some sort of collection proceedings.

With the new Biden administration taking office in 2021, more tax changes are almost certain. COVID relief is another factor to account for, and things are changing almost daily. So it's never too early to start preparing for tax season.

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:   NA

Original Article Posted on:  December 16, 2020

Link to Original Article:  https://www.irs.gov/newsroom/get-ready-for-taxes-stay-home-and-stay-safe-with-irs-online-tools

Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  NOV 18 2020

Link to Original Article:  https://www.cnbc.com/2020/11/18/thisthe-irs-is-blessing-workaround-that-allows-business-owners-to-deduct-state-and-local-taxes.html

As far as scary words in business and personal finance are concerned, the three words “Internal Revenue Service” is bound to send shivers down most people’s spines. Employing a competent tax resolution firm’s services gives you the advantage of not having to negotiate with the agency on your own, along with the expertise and knowledge of tax codes and how to make them work for you. 

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  November 2, 2020

Link to Original Article:  https://www.irs.gov/newsroom/irs-makes-it-easier-to-set-up-payment-agreements-offers-other-relief-to-taxpayers-struggling-with-tax-debts

As we wrap up the year the last thing most people are thinking about is their taxes. But planning ahead can have a serious impact on your tax bill next year, especially if you know you’ll owe taxes.

In this article, we’ll talk about some steps you must take if you know you’ll be owing taxes to the IRS or state.

If you owe back taxes you might think you need a tax attorney, but that’s not necessarily always the case. Just like hiring a traditional accountant to try to resolve your tax debt might not be the best choice, hiring a tax attorney, who doesn’t specialize in tax resolution might be the same thing.

When you owe the IRS back taxes, it’s best to have the right tax relief firm representing you so you can get the best result possible. Don’t try to face the most brutal collection agency on the planet alone. You’ll be sorry you did.

Original Article Source Credits:   Forbes, https://www.forbes.com/

Article Written By:  Kemberley Washington and Korrena Bailie

Original Article Posted on:  Nov 13, 2020

Link to Original Article:  https://www.forbes.com/advisor/personal-finance/heres-what-bidens-win-means-for-your-taxes/

Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  NOV 18 2020

Link to Original Article:  https://www.cnbc.com/2020/11/18/thisthe-irs-is-blessing-workaround-that-allows-business-owners-to-deduct-state-and-local-taxes.html

Original Article Source Credits:   The Balance , https://www.thebalance.com/

Article Written By:  William Perez

Original Article Posted on:  July 31, 2020

Link to Original Article:  https://www.thebalance.com/irs-tax-audit-stories-3193350

When you owe creditors money that you can't afford to repay, sometimes you may be able to get the debt forgiven or otherwise canceled. When this happens, you no longer owe your creditors the money that you used to owe them.

The IRS, however, usually treats such canceled debt as income that you've received. Income that you could owe taxes on. If you fail to report it or fail to pay your taxes on the cancelled debt, you’ll end up ow

For early adopters of Bitcoin, Ethereum and other popular cryptocurrencies, the profit potential has been simply stunning. While there have been some heart stopping moments and frightening ups and downs, the clear long-term trajectory has been upward.

If you are one of those early adopters who profited from the rise in cryptocurrency values, you are probably feeling pretty good about your decision. But your good fortune could soon take a dark turn, one that could leave you in hot water with the IRS.

Original Article Source Credits:   IRS ,https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:   October 23, 2020

Link to Original Article:  https://www.irs.gov/newsroom/to-help-non-filers-irs-sets-nov-10-as-national-eip-registration-day-register-at-irsgov-for-economic-impact-payment

Original Article Source Credits:   The Balance Small Business  , https://www.thebalancesmb.com/

Article Written By:  Jean Murray

Original Article Posted on:  September 02, 2020

Link to Original Article:  https://www.thebalancesmb.com/the-trump-payroll-tax-cut-what-it-means-for-your-small-business-5076486

The IRS ideally projects an image of efficiency and fairness, but as a government agency, it also has to inform the citizens about its inner workings. There is perhaps no entity disliked more than the IRS. Like every government agency, they also have secrets they don’t want you to know. Either because it would make it easier for the agency if people don’t know these details, or because taxpayers can use these tips to get some of their money back. Being informed and remembering that even the IRS can’t be perfect is the first step to dealing with this hurdle. To help you overcome this hurdle, Ultimate Tax Relief has listed five tips the IRS doesn’t want you to know. Keep reading to know what they are. 

Original Article Source Credits:   Entrepreneur , https://www.entrepreneur.com/

Article Written By:  Tom Wheelwright

Original Article Posted on:  September 29, 2020 

Link to Original Article:  https://www.entrepreneur.com/article/356679