After submitting your tax return, you may encounter the “pending” status, indicating that your return is in the process of being reviewed by the Internal Revenue Service (IRS). This comprehensive guide will delve into the meaning of the pending status, its duration, and what to do if your return remains in this status for an … Read more
When you give away money or assets, there are potential tax implications that you should be aware of. The tax laws governing gifts are complex, and it is important to understand them before you make any large gifts. What is the gift tax? The gift tax is a tax on the transfer of property by … Read more
The issue of tax avoidance among the wealthy has been a subject of intense debate in recent years. While the average American pays a significant portion of their income in taxes, many millionaires and billionaires manage to pay little to no taxes at all. This disparity has raised concerns about fairness and the adequacy of … Read more
Navigating the tax system can be daunting, especially if you receive your income in cash. However, it’s crucial to understand your tax obligations and fulfill them accurately to avoid penalties and legal repercussions. This guide will provide a comprehensive overview of how to file taxes when you’re paid in cash, ensuring compliance and peace of … Read more
Filing for a tax refund can be a daunting task for any business owner, but it’s especially important for small businesses. Every dollar you can get back from the government can help you reinvest in your business and grow your profits. In this guide, we’ll walk you through everything you need to know about getting … Read more
Banks are subject to regular audits to ensure their financial health and compliance with regulations. The frequency of audits varies depending on the size and complexity of the bank, as well as the requirements of regulatory agencies. Federal Reserve Audits The Federal Reserve System (the Fed) conducts audits of its member banks, which include all … Read more
Estimated tax payments are a crucial aspect of the tax system for individuals and businesses that earn income not subject to withholding. Failing to make these payments on time can result in penalties and interest charges. This comprehensive guide will provide a detailed overview of estimated tax payments, including the due dates for 2021, who … Read more
Tax cheating, the intentional underpayment or non-payment of taxes, is a significant concern for governments worldwide. In the United States, the Internal Revenue Service (IRS) estimates a substantial tax gap, highlighting the prevalence of tax evasion and avoidance. This article will delve into the extent of tax cheating, the methods employed by individuals and businesses … Read more
When you file your income tax return, you entrust the Internal Revenue Service (IRS) with sensitive financial information. Understanding your rights regarding the confidentiality of this information is crucial. This guide will delve into the legal framework and practical implications of tax return confidentiality, empowering you to safeguard your privacy and protect your personal data. … Read more
Savings accounts are a cornerstone of personal finance, offering a safe and accessible way to store and grow your hard-earned money. However, understanding the tax implications of your savings is crucial to avoid any surprises come tax season. This guide will delve into the intricacies of savings account taxation, empowering you to make informed decisions … Read more