Treasury and IRS Announce 90-Day Delay for Tax Payment Deadline
Treasury Secretary Steven Mnuchin has announced a 90-day reprieve for taxpayers to pay their income taxes owed. What does this mean for you?
Taxes
Where is Estate Tax Going in the Future?
The Tax Cuts and Jobs Act (TCJA, often referred to as tax reform) generally became effective in 2018 and increased the federal estate and gift tax lifetime excl
Budget Tips for Covering A Surprise Tax Bill
If this tax season brings you a large, unexpected tax bill, these are the steps you should take to ensure you don’t get into further trouble with the IRS.
How Can I Prove Financial Hardship to the IRS If I Can’t Pay My Taxes?
Unable to pay your tax bill? Don’t panic. Here are the steps you need to take as well as “soft” and “hard” options for declaring your taxes uncollectible.
Retirement Planning
Excess Retirement Plan Contributions Can Be Taxing
Some individuals financially struggle just to be able to make a nominal contribution to their tax-favored retirement plan, whether it be an IRA, 401(k) plan, or
For Business
Are You Subject to Self-Employment Tax?
Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their
Tax Problems
What Is the Statute of Limitations on Unpaid Taxes?
Did you know there is a little-known statute of limitations for tax debt collections? Learn more about when this rule kicks in & what conditions must be sat
See the US Tax System Illustrated in One Complex Map
The US tax system is complicated for even the most seasoned tax professionals. If you’re using the DIY route, you’re probably wasting valuable time
Tax Central
The IRS Is Cracking Down on Cryptocurrency Tax Transactions
The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on th
Tax Problems
What Are My Chances of Being Audited and How Can I Reduce Them?
First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead.