Top 1% of wealthy taxpayers failed to report 20% of their income IRS Creates Wealth Squad IRS Commissioner Charles Rettig has requested that Congress increase the IRS's budget. Rettig has … [Read more...] about $175 Billion of Unreported Income Targeted by IRS Wealth Squad
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Steps to Take Upon Receipt of an IRS Notice
If you receive a notice from the IRS, do NOT ignore it. Far too many taxpayers do not open IRS mailings thinking the worse Reasons IRS Sends Notices to Taxpayers The IRS mails letters or … [Read more...] about Steps to Take Upon Receipt of an IRS Notice
Do You Have a Business or a Hobby?
The IRS operates with a different set of rules when auditing a return to determine if the losses claimed on Schedule C are those of a business or a hobby. Intentions Matter A hobby is any … [Read more...] about Do You Have a Business or a Hobby?
Self-Employed Who Need Not Remit Estimated Taxes
Why a few self-employed or gig economy individuals need not pay estimated income taxes. General Rule Independent contractors, typically referred to as self-employed individuals or gig … [Read more...] about Self-Employed Who Need Not Remit Estimated Taxes
Final Tax Return Considerations
As a survivor, executor or administrator of an estate, you are obligated to file an income tax return reporting all the deceased's income up to his or her date of death. IRS Tax Forms … [Read more...] about Final Tax Return Considerations
Documents that a Homeowner Should Maintain
Individuals who purchase real estate should maintain a binder to organize their important papers and documents. Paper or Electronic Files? There is no doubt that paper files can be very … [Read more...] about Documents that a Homeowner Should Maintain
