Here’s something extra that taxpayers seeking to contact the Internal Revenue Service might soon have to start thinking about: Will its offices be open?
What are current rules for tax reporting for online sales?
The Internet has created the possibility for nearly anyone to become an online seller of wares. And it should come as no surprise that tax collectors at state and federal levels have an interest in tracking and recovering all the tax revenue such sales may be generating.
Settlement may be an option for those with federal tax debts
Many individuals who owe a substantial amount in back taxes are also facing significant financial difficulties, as financial troubles are one of the more common reasons for a person to initially fall into a tax debt. Facing both a large federal tax debt and financial struggles at the same time can be remarkably stressful on a person and can leave them very worried about the future. Such individuals may feel like their financial struggles will make it impossible to address the debt and impossible to avoid the wrath of the Internal Revenue Service.
Mistake or not, IRS may be the final arbiter of your motivations
Last month, we wrote about the distinction between “fraud” and “negligence” when it comes to your taxes. In other words, this is the difference between an honest mistake and an inaccuracy that you might have made on purpose – particularly one that benefits you in some way.
Report on IRS search and seizure process: It’s broken, so fix it
A federal law requires that an individual -- often a business owner -- attend to more than a modicum of paperwork following any bank deposit that exceeds $10,000. Such has been the case for a number of years, the rationale for the requirement being the federal government’s stated desire to uncover illegal activities such as tax evasion and money laundering.
