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.
The IRS expects everyone to file an annual tax return, on Form 1040, 1040A or 1040EZ. If they have no record of receiving one of these forms from you, they will let you know with a Verification of Non-Filing Letter. This letter explains that they never received a filing from you and that you are on a list of non-filers.
While the news about politics has centered around President-elect Donald Trump’s transition team, little news about tax reform has hit the mainstream media. However, Congress has made some changes that could affect employers and employees alike as early as next year.
It is expected that out of tragedy comes humanity. In the aftermath of the mass shootings in Orlando last week, scores of people have stepped up to provide relief in the form of monetary donations. GoFundMe pages have been established, and local charities have accepted donations of all kinds.
Generally speaking, no one really wants to deal with tax issues; whether they are figuring out what exemptions may apply given one’s tax bracket or dealing directly with the IRS on a Notice of Lien, it may be difficult to determine who is better equipped to help with your problem: an accountant or a tax attorney.
To many people, the IRS is like the “boogeyman.” Part legend, part myth; but every bit as scary as one’s childhood fears. Part of this is because the federal government’s vast power to collect on past due taxes. The other is that there are so many stories of IRS agents seizing property and freezing assets. In fact, stories abound of celebrities and rich elites being brought down by the IRS. So when it comes to a person of average income, there are a number of things to know.
Last Sunday was the movie industry’s biggest night. Of course movie buffs and casual fans alike were interested in who wore what on the red carpet, who won awards and how long the show was overall.
Who would you trust more: the IRS or tax preparation services like TurboTax?
If you or your business is facing a tax controversy it is likely that you are nervous and stressed about what the outcome will be. Will you have to pay more money to the Internal Revenue Service? Will you be assessed penalties? When you are facing collections, an audit or a criminal investigation, you need to take the situation seriously. This means having someone on your side to handle these matters for you.