The first tax year under 2017’s Tax Cuts and Job Creation Act has left a lot of taxpayers and tax professionals confused and frustrated. Now with the April 15 deadline just around the corner, the agency announced that it would again expand the threshold for penalties to 80 percent of the total tax liability to receive penalty relief. This is down from the January 16 announcement of an 85 percent threshold, which was down from the IRS’s usual amount of 90 percent of the total obligation if filers wished to avoid penalty.
If you work in a large corporation, you’ve probably undergone mandatory information security training every year since you started. Companies are becoming more and more aware of the myriad cybersecurity threats that could put their sensitive information—and the future of their business—at risk.
The IRS has announced that the Tax Cuts And Jobs Act of 2017 provides more time for individuals and businesses to bring a civil action for wrongful levy or seizure. In an attempt to satisfy a tax debt, IRS levies permit the legal seizure and subsequent sale of any property, including vehicles, real estate and personal assets as well as bank accounts and wages.
If you were to hazard a guess, do you think that Americans are less likely to cheat on their diets, academic tests, romantic partners or taxes?
When many people imagine a tax audit, they picture shadowy IRS agents combing through tax returns to seize upon every tiny flaw. This misconception couldn’t be further from the truth. No one looks forward to a tax audit, but the process is not necessarily as painful as you may think. To demystify the process, let’s take a look at some common myths—and facts—regarding tax audits.
For Ohio business owners, there are a variety of situations that can be very alarming ones. Among these is their company receiving an Audit Commencement Letter. This can mean that the state’s Department of Taxation will be performing a sales tax audit on their company.
Sometimes an audit happens by chance, but in many other cases, it happens because of some sort of discrepancy that the IRS discovers in your tax filing. It can be extremely stressful to be audited when you have put many hours into sorting all your paperwork and counting and recounting your figures. An audit can cause an individual to feel frightened and question the accuracy of their filing.
On January 18, the U.S. Treasury Department proposed regulations pertaining to tax audits for large partnerships. These rules also apply to limited liability companies and other business entities treated as partnerships for federal tax purposes.
One of the most important elements of tax planning and preparation is recordkeeping. While this may seem the epitome of the routine and mundane, you must realize that it may be one of the most important parts of asserting any claim or defense, should the Internal Revenue Service or the Ohio Department of Taxation challenge your tax filings for a given year.
The Foreign Account Tax Compliance Act (FATCA) has been in effect for more than two years. The law, which has revolutionized tax compliance for American citizens with overseas accounts, was passed in 2010. During that time, the IRS has been extraordinarily successful in wringing compliance with its disclosure requirements from foreign banking and investment institutions. With the help of the Justice Department, the IRS has settled cases with these banks and those banks have paid settlements of nearly a billion dollars.