The IRS has seen its’ staff size shrink, which has led to a mere .6 percent chance of a taxpayer audit. There is a President of the United States who brags about how little he pays in taxes. Nevertheless, the IRS’s annual survey says that Americans not only pay their taxes but that 9 out of 10 feels that it is their civic duty or a moral obligation.
Once we go through all the headaches of putting our taxes together and filing them, the next step is hopefully waiting for the refund to come. That can seem like an excruciating wait, particularly if there is a spring vacation that would be much more fun with that extra cash on hand. However, the government is a little backed up at the moment because of the shutdown, so the wait may be longer than normal. Nevertheless, according to the IRS, nine out of 10 refunds go out within 21 days.
The 2019 tax season is going to be one of the most confusing and frustrating in memory. The combination of using the new guidelines set out in 2017’s Tax Cuts and Jobs Act as well as the government shutdown impacting all non-essential workers in the Treasury Department will certainly add new challenges to an already difficult process of filing taxes.
Countless small business owners will be looking for answers revolving around the Tax Cuts and Jobs Act that need to be addressing during the 2019 tax season. Many are trying to determine if they legally qualify for a 20 percent exception of their income. Despite the fact that the IRS issued guidelines for how the complex new law applies, many still have questions and are getting conflicting advice.
The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to indentify U.S. taxpayers and report information about their financial accounts. The primary aim was to prevent taxpayers from using foreign accounts to commit federal tax crimes.
The New York State Attorney General Barbara D. Underwood has filed a lawsuit on June 14 against the Donald J. Trump Foundation and its directors, including the president and his three eldest children, Donald Jr., Eric and Ivanka. According to the New York Times, the state attorney general has concerns involving the charity and the family violating campaign finance laws, illegal coordination with a presidential campaign and self-dealing. The suit asks for restitution and that Donald Trump be prohibited from leading a non-profit in New York for 10 years. The action does not seek criminal penalties.
Try as they might, many taxpayers do not make the tax deadline on time. The reasons can vary: A busy schedule, a family crisis or simply forgetfulness. No matter the excuse, every year many Americans fail to submit their returns by the date mandated by the Internal Revenue Service.
Now that tax season has begun, it is more important than ever to understand the relevant points of the recently-passed tax overhaul. Last week, our blog examined five significant piece of information from the new tax reform. This week, we will conclude our examination by discussing five more changes to the tax code that you should know about.
It’s only a few months until tax season. With the recent overhaul of the United States tax law passed by the Trump administration, taxes may seem a bit more confusing this year. Although the overhaul’s most significant changes won’t affect your 2017 returns, there are still several important things to learn about the new tax code. There will be many changes to take into consideration, and making a mistake on your return could mean big consequences.
It's never too early to think about taxes. Sure, there are plenty of things that are much more pleasant to think about, like root canals or traffic jams. But getting a jump on your 2017 taxes is a great idea--the sooner you finish them, the sooner you can relax.