The Department of Justice (DOJ) recently charged a former produce vendor out of Wisconsin with three different tax crimes. The 63 year-old man was originally charged in June of 2017 with tax evasion, failure to file a corporate tax return and structuring currency transactions, according to documents from the DOJ.
The Internal Revenue Service (IRS) and the United States Attorney’s Office are cracking down on tax fraud with serious criminal penalties. A conviction generally comes with required restitution payments to the IRS and victims with additional interest and penalty payments.
Tax Day is stressful enough without a massive computer glitch. Unfortunately, the Internal Revenue Service (IRS) website experienced a glitch on Tuesday, April 17. The glitch resulted in an error message for anyone that logged on with the intention of filing their taxes. Instead of filing with ease, the filer would receive a message that stated the IRS website was undergoing a “planned outage” that would run from April 17, 2018 through December 31, 9999.
The new tax law has led to a number of changes in the tax structure in the United States. The changes went into effect in 2018 and will impact the 2018 tax filings. This means you can still make the most of the previous tax structure for your 2017 filings.
It turns out man’s best friend can offer more than snuggles and entertaining fodder for You Tube videos. In some situations, your canine companion can offer tax benefits. Two specific examples include:
One common question during tax time: should I itemize my deductions or take the standard deduction? The answer for each taxpayer will depend on the details of his or her tax obligations and potential deductions, but three things that often indicate itemization may save you more money include:
Saving for college takes a good deal of planning. One popular tool used to achieve this goal is a 529 plan. These plans are basically savings accounts with funds used to cover various educational expenses.
The Tax Cuts & Jobs Act has resulted in a number of changes to the normal operation of tax law in the country. One specific area that has changed: the impact of taxes on 529 plans.
Preparation for retirement is a marathon, not a sprint. It is important to address a range of different issues to help better ensure a stable financial foundation when enjoying one’s sunset years. One important area to take into consideration involves tax obligations.
Families throughout the country have grown through the use of adoption. Adoptive parents must take many practical matters into consideration, from the logistics of school districts to the potential headaches that can come with tax filings.