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Archive for the ‘Tax News’ Category

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), ...

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 ...

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 ...

IRS Failed to Help All Taxpayers Affected by ‘Get Transcript’ Breach

‘Get Transcript’ is an online service by the IRS that allows taxpayers access to the transcripts of their tax returns. A security breach of ‘Get Transcript’ in May, 2015 enabled cyber thieves to steal the sensitive information of close to four hundred thousand taxpayers. Following this, the IRS re-launched the service this July with additional security. To add to the IRS’ woes, shortly after the re-launch, the Treasury Inspector General for the Tax Administration released ...

IRS Warns Taxpayers about ‘Federal Student Tax’ Scam

The newest tax scam that people may encounter is about a fictitious tax: the federal student tax. No such tax exists. However, scammers are deceiving taxpayers into paying it. The Internal Revenue Service has issued a warning about the ‘federal student tax’ scam where scammers pretend to be the IRS and make bogus phone calls to taxpayers, demanding payment of this fake tax. Forbes shares: “The ...

Marijuana Industry Could Bring in $28 Billion a Year: Study

The legalization of marijuana has benefited people struggling with illnesses, not to mention the government. The marijuana industry may ultimately generate up to $28 billion in tax revenue for the federal, state and local governments, a study from the Tax Foundation reveals. The states that have legalized marijuana are already reaping some tax benefits. Alaska, Colorado, Oregon, and Washington have legalized the use of both recreational and ...

Businesses, Hobbies and Taxes

May 20, 2016  |   Tax News   |   Tags: , , , , ,  

When you engage in an activity that earns income, you need to consider if it is a business or a hobby. Depending upon whether you have a business or a hobby, your tax liability changes. A business is required to pay certain taxes, including income tax, estimated tax, employment tax, and self-employment tax. Also, if a business is operating on a loss, it can take the deduction on the return. A hobby, however, cannot use ...

Corporate Tax Evasion Costing Over $100 Billion a Year: Study

Approximately two-thirds of U.S. corporations did not pay any federal income tax from 2006 to 2012, the Government Accountability Office said in a release. In 2012, 42.5% of large businesses did not pay federal taxes. These statistics speak volumes about how corporations use loopholes in the tax code to legally evade paying taxes in the U.S. Recent disclosures reveal that the use of tax havens and ...

How Much Does an Average American Pay in Taxes

The 2016 tax filing season is over, and most taxpayers are finished with their annual tax duty. Those that have obtained an extension to file have until October 17, 2016 to file their returns and pay any balance due. The Motley Fool shares how much an average American family pays in federal taxes, including income tax, payroll tax, and excise taxes on goods like gasoline and cigarettes: