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Will the IRS Spoil Your Summer?

July 06, 2016  |   Tax News   |    

Ideally, you’ll spend your spare time during the long summer months with trips to the beach, barbeques and naps in the backyard. Whatever your plans, though, there’s always the chance something unexpected will spoil your fun. If you find out you have a tax debt, it may be a long, hot summer indeed. While you may assume that the close of tax season signals a time ...

More IRS Dollars Means Smaller Tax Gap, Analysis Finds

July 04, 2016  |   Tax News   |   Tags: , , ,  

The Congressional Budget Office, which provides assessments to help determine Congressional budget plans, provided an analysis of the results of greater IRS spending. The issue of increased funding for the government collection agency has been hotly debated amongst politicians and lawmakers over the last few years. Tax-news.com shares the most recent projections from the Congressional Budget Office: “The Congressional Budget Office (CBO) has estimated that increasing the enforcement budget of the Internal Revenue Service (IRS), ...

When Should You Expect an IRS Notice?

June 29, 2016  |   Tax Advice   |   Tags: , , , ,  

While the sun may have set on tax season, you may have a nagging feeling that you overlooked something important when you filed your return. You may be inclined to dismiss this feeling, assuming that the IRS would have immediately notified you of any problem with your taxes. There’s a chance, though, that you’ll be informed of a tax issue long after you filed. When You’re Notified In some cases, the IRS will send out prompt notice ...

Are Taxes on the Rise Following OECD Assessment?

June 27, 2016  |   Tax News   |   Tags: , , , ,  

A recent evaluation of necessary economic improvement in the United States has led to questions regarding the likelihood of future tax increases. The Organization for Economic Co-operation and Development, or OECD, works to promote and improve economic conditions in America and other participating nations. Their recent assessment was provided by tax-news.com: “In its latest review of the US economy, which was published on June 16, the Organisation for Economic Co-operation and Development (OECD) recommended that ...

Are You Earning Unusual Income This Year?

This year might be like any other, as you bring in the usual wages from your employer(s), without any additional income to speak of. However, there is a chance that before the year is out, you’ll enjoy an unexpected windfall. If this is the case, it’s critical to understand how this can affect your tax return next year – and, ultimately, how much you may have to pay in. Extra Work

IRS Determines Winners in Website Revamp Competition

Last week, the IRS announced a handful of winners in a recent public competition to reimagine the collection agency’s website. Participants submitted a series of proposed changes to enhance various aspects of the IRS’ online platform. Tax-News.com shares the details: “The US Internal Revenue Service (IRS) has announced the winners of the ‘Tax Design Challenge,’ its first crowdsourcing competition to construct a future web page design for ...