When it comes to taxes, few things are worse than finding out that you’re on the hook for your spouse’s tax debt. Whether you weren’t aware that they owed back taxes and just found out upon receiving a notice from the IRS or received prior warning that money was owed…
In May of 2019, ProPublica published an article stating that the IRS audits wealthy people far less than it audits the tax returns of those who claim the Earned Income Tax Credit, or EITC. As a response to this, in 2020, Democrats in the House of Representatives called for additional…
Independent contractors often panic every April when it comes time to fill out their annual tax returns. Many haven’t set aside enough money to pay their taxes, nor have they made quarterly payments to the IRS, leaving them facing debts that are subject to both penalties and interest. The best…
The gig economy shows no signs of slowing down. As more and more people forego traditional employment to work as freelance writers, Uber drivers, Grubhub delivery people, or Shipt grocery shoppers, an entirely new class of workers – called gig workers, because they move from one small job to another…
Recently, the IRS announced a new Taxpayer Relief Initiative in response to the financial hardships that some individuals and businesses are undergoing due to the COVID-19 pandemic. Since millions of individual taxpayers are dealing with unemployment, and businesses are suffering from lowered revenue due to a lack of clients and…
Suddenly, your nightmare has become a reality – you owe the IRS money, and they’ve placed a lien on your property in order to recover those funds. They’ve sent notices informing you of the lien (or liens) and stated the reasons for these impending penalties. At this point, two different…
While it’s common for individuals and businesses to owe money to the IRS, many of them have the means to pay their tax debts when they file every year. However, not everyone can do this, leaving debts owed to the Federal Government outstanding. If you fall into this category, there…
Business expenses are tax-deductible, or at least they usually are. The Internal Revenue Code (IRC) does not allow the deduction of some business-related expenditures. The Uniform Capitalization (UNICAP) rules, for example, require businesses to capitalize certain expenses, or include them in inventory costs. This can present disadvantages in terms of…
Congress has passed two major pieces of legislation intended to stimulate the economy and provide direct support to businesses, their employees, and others hurt by the economic effects of the fight against the coronavirus and COVID-19. Many benefits take the form of refundable payroll tax credits for employers. The IRS…
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