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 consumer may no longer need to pay off the bill with the credit card company or other lender, his or her financial woes are far from over.
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.
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.
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 AirBnB host, you’re probably classified as an independent contractor. That means receiving a 1099 and paying estimated taxes on a quarterly basis.
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 concerns about the agency’s ability to administer the new tax law.
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 information they contain. That information, in turn, can be used to falsify a wide variety of documents.
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 brackets and it would seem those who win the lottery will end up even richer.
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 throughout the country, both businesses and individuals.