Understanding the Implications of Under-the-Table Payments Receiving payments under the table, also known as “off-the-books” or “cash payments,” refers to income earned without official records or reporting to tax authorities. While it may seem appealing to avoid taxes, this practice is illegal and can lead to severe consequences, including audits, penalties, and even criminal charges. … Read more
The year 2021 brought unprecedented challenges, including the COVID-19 pandemic and natural disasters like the winter storms in Texas. In response, the Internal Revenue Service (IRS) and the Treasury Department extended tax filing and payment deadlines to provide relief to taxpayers. This article provides a comprehensive overview of the tax deadline extensions in 2021, including … Read more
The Internal Revenue Service (IRS) has a vested interest in tracking the movement of money, especially when it comes to large sums. This includes gifts, which are subject to gift tax if they exceed a certain amount. The IRS has several methods at its disposal to discover unreported gifts, including: Form 709: This form is … Read more
Individuals who receive income from the sale of stocks, bonds, or other securities typically receive a Form 1099-B from their broker. This form reports the proceeds from these transactions and is essential for accurate tax reporting. Choosing the right tax software can simplify the process of entering and managing Form 1099-B data. This guide will … Read more
Taxpayers who have yet to receive their 2021 tax refund may be wondering about the reasons for the delay. This guide will explore potential causes and provide guidance on how to check the status of your refund and resolve any issues. Common Reasons for Refund Delays Errors on the tax return: Mistakes or omissions on … Read more
Failing to pay your taxes can have severe consequences, including penalties, interest, liens, levies, and even wage garnishment. The severity of these consequences depends on the amount of taxes owed. This article will specifically focus on the consequences and options available to taxpayers who owe between $10,000 and $49,999 to the Internal Revenue Service (IRS). … Read more
Navigating an IRS investigation can be a daunting experience, but understanding the signs and taking proactive steps can significantly improve your chances of a favorable outcome. This comprehensive guide will delve into the telltale indicators that the IRS may be investigating you, empowering you with the knowledge to protect your rights and interests. Signs of … Read more
The question of who bears the greatest tax burden in the United States has been a subject of ongoing debate. This comprehensive analysis delves into the latest data from the Internal Revenue Service (IRS) and the National Taxpayers Union (NTU) to provide a detailed understanding of the distribution of income tax payments across various income … Read more
Reaching retirement age is a significant milestone that often brings about changes in financial responsibilities and tax obligations. One common question that arises is whether individuals are exempt from paying income tax after reaching a certain age, particularly after turning 80. This article will delve into the intricacies of tax laws and provide a comprehensive … Read more
Can Your Tax Return Be Garnished? Understanding Tax Refund Garnishments Tax season is a time of year when many people look forward to receiving a refund from the government. However, for some, the possibility of having their tax refund garnished can be a source of concern. In this article, we will explore the circumstances under … Read more