The IRS has been issuing stimulus payments to eligible individuals as part of the government’s response to the COVID-19 pandemic. However, in some cases, the IRS may request that individuals return some or all of the stimulus money they received. This guide will explore the reasons why the IRS may ask for stimulus money back … Read more
Tax fraud undermines the integrity of the tax system and deprives the government of revenue essential for public services. As a responsible citizen, you have a duty to report any suspected tax fraud activities to the Internal Revenue Service (IRS). This guide will provide a comprehensive overview of the process for reporting tax fraud, including … Read more
Understanding IRS Visits The Internal Revenue Service (IRS) is responsible for collecting taxes and enforcing tax laws in the United States. While the IRS primarily communicates through mail, there are instances where IRS agents may visit a taxpayer’s home or business. These visits are typically prompted by specific circumstances, such as: Overdue tax bills Unfiled … Read more
The Internal Revenue Service (IRS) has distributed three rounds of Economic Impact Payments (EIP) to eligible individuals and families as part of the government’s response to the COVID-19 pandemic. These payments are intended to provide financial relief to those affected by the economic downturn caused by the pandemic. However, many individuals have reported not receiving … Read more
Navigating the Intersection of Tax Audits and Refunds The Internal Revenue Service (IRS) is responsible for ensuring compliance with tax laws and regulations in the United States. As part of its duties, the IRS may conduct audits to verify the accuracy of tax returns filed by individuals and businesses. While audits can be a daunting … Read more
Navigating the Canadian Tax System for a $120,000 Salary Understanding the intricacies of the Canadian tax system is crucial for individuals earning $120,000 annually. This guide delves into the various deductions, tax rates, and implications associated with a $120,000 salary in Canada, empowering you to accurately calculate your tax liability and optimize your financial planning. … Read more
Understanding the Responsibilities of Filing a Final Tax Return When an individual passes away, their final tax return must be filed by a designated representative. This responsibility typically falls upon the executor or administrator of the estate, or anyone legally authorized to manage the deceased person’s property. Understanding who is responsible for signing and filing … Read more
Navigating the Maze of Debt Relief Options The burden of overwhelming debt can feel like a relentless weight, casting a shadow over your financial well-being. If you’re struggling to keep up with payments or feel like you’re drowning in a sea of debt, know that you’re not alone. There are options available to help you … Read more
Business meals and entertainment expenses are common occurrences for many businesses. Understanding the nuances of their tax deductibility can significantly impact your tax liability. This guide will delve into the intricacies of these expenses, providing clarity on what is and is not deductible under the current tax laws. Business Meals Deductible Business Meals Meals provided … Read more
Wage garnishment, a severe consequence of unpaid taxes, occurs when the Internal Revenue Service (IRS) seizes a portion of an individual’s wages to settle outstanding tax debts. This measure is employed when taxpayers fail to fulfill their tax obligations despite receiving multiple notices and demands for payment. Understanding the intricacies of IRS wage garnishment is … Read more