The Internal Revenue Service (IRS) was recently accused of discriminatory practices. In Linchpins of Liberty v. United States of America, a group of plaintiffs allege that the agency intentionally delayed the approval of their tax-exempt status.
When charitable organizations get an unexpected tax bill
It can be difficult for entrepreneurs and humanitarians to put together businesses to benefit society. There are a few perks that are present to help encourage these endeavors. One of the main perks: exemption from taxation.
IRS called to increase small business audits
The Treasury Inspector General for Tax Administration (TIGTA) recently reported that small businesses and merchants who make use of platforms like Uber or Etsy are not properly reporting their income. This accusation is supported by discrepancies that were found between numbers filed on Form 1099-K and individual tax returns. These discrepancies are likely to trigger audits to dig into the issue.
Audit basics: Know these three types
The Internal Revenue Service (IRS) conducts audits for a variety of reasons. Some audits the result of discrepancies in tax filings, others are allegedly random. Whatever the reason for the audit, those who are the subject of scrutiny by the IRS likely have one thing in common: the stress of the event.
Three ways to stop a tax levy on your salary
Getting hit with a tax levy may seem like something that could never happen to you. It seems unfair that the government can simply take your money directly from your paycheck, yet they do. The Internal Revenue Service (IRS) will employ this means of tax collection for overdue payments.
