The IRS has seen its share of problems in the last few years. It has had its budget cut, which has compromised its ability to audit and pursue delinquent tax filings. It has been tied up in the "targeting" scandal, accused of going after 501(c)(3) organizations based on their political views. But one area where it can proclaim a significant success is with the overseas collection of taxes from U.S. citizens.
Would you buy an electric car to get a tax benefit?
Taxes collected by Ohio and the federal government are used to promote many goals beyond merely raising revenue. Of course, state and federal taxes are used to generate the governmental income that pays for things as varied as the state courts, highways, law enforcement and schools.
No, the IRS does not accept payment in iTune gift cards
The IRS collects a substantial amount of money every year from tax filings. In 2015, the IRS collected $3.3 trillion. Unsurprisingly, many individuals have figured out that if they can capture a small fraction of that sum, they can become fabulously wealthy. There are a wide variety of tax fraud schemes that involve everything from skimming money from legitimate tax returns to stealing taxpayers identities and filing a fake tax return and receiving a refund before the real taxpayer files.
Better results with better tax advice
When you hear of investigations and audits into the very wealthy, you may wonder if they receive special treatment from the Internal Revenue Service. If you are an ordinary taxpayer or business owner in Ohio, and you undergo a tax audit, you may feel as if the IRS gives you no breaks, meticulously going over every last detail of your tax filings and their supporting documents.
The IRS has a dedicated team that focuses exclusively on the wealthy
As we move into fall, many individuals who sought an extension are continuing to work on tax issues. Similarly, business owners often look to begin to reconcile the books at this time of year and adjust strategies to push to make year-end goals. Many decisions made during the fall tax season are aimed at reducing income tax exposure during the following calendar year. The importance of remaining mindful of the tax implications of decisions made today (and everyday) cannot be understated.
