The Internal Revenue Service (IRS) rarely makes life easy. This is particularly true for those who are able to negotiate with a credit card company about an outstanding debt. In some cases, a successful negotiation can result in a dismissal of the debt. Although the...
Finding Real Life Solutions To Your Tax Problem
Month: January 2018
Will the temporary government shutdown impact tax returns?
The Internal Revenue Service (IRS) is in the midst of a very stressful January. In addition to the passage of a new tax law, the federal agency has also had to deal with a government shutdown.What happens during the shutdown? CNN recently published a piece answering...
Behind in taxes? Your passport could be in jeopardy.
The Internal Revenue Services (IRS) recently issued a statement encouraging taxpayers to pay their overdue tax bills. A failure to do so, the agency reminds taxpayers, could result in a forfeiture of one's passport.Who could lose their passport? The agency states that...
Should you be paying estimated quarterly taxes for your side gig?
If you’re working in the gig economy, you may not be setting aside enough to pay your taxes. This is especially true if you’re used to working as an employee, receiving a W-2 and paying your taxes once a year. As a Lyft driver, a food delivery person or an...
Will the quality of tax administration suffer due to new tax law?
The Internal Revenue Service (IRS) has experienced a number of budget cuts in recent years. These budget cuts have made it difficult for the agency to maintain the staff needed to provide quality tax administration. This reality has led many tax advocates to voice...
Tax season can mean heightened security risks
With tax season rapidly approaching, the IRS warns that businesses could find themselves at risk with regards to cybersecurity. The agency recently stated that there’s been an uptick in identity thieves seeking out employees’ W-2 forms due to the sensitive...
How does the new tax law impact lottery winnings?
Jackpots in some of the biggest lottery games have never been bigger. Mega Millions recently offered a $445 million dollar prize. Powerball has offered $550 million in winnings. Add these big winnings to the fact the new tax law cut rates for those in the highest...
Different treatment for different assets under new tax plan
President Donald Trump signed the long fought GOP tax proposal into law before taking a holiday break. The president put together a news conference to televise the event and used a bold marker to make the changes official. The changes will likely impact everyone...