There are many different types of retirement plans in existence, from 401(k) plans to IRAs and others. While these plans differ quite a bit regarding who can put money into them and how much is allowed, most have one thing in common – RMDs. Short for required minimum distributions, these…
Paying taxes is part of life for both individuals and businesses, regardless of size, scope, or tax bracket. Small business owners know that it’s crucial to file their company’s tax returns on time each year, accompanied by a check for the amount that they owe the IRS. The downside comes…
Do you have finances in offshore bank accounts? Do you have an earned income that stems from companies based overseas – and are those funds paid to you in the form of U.S. dollars? If you answered yes to both of these questions, then you need to be concerned about…
All businesses must file a number of payroll forms with the IRS in order to properly account for all income and taxes paid to and on the behalf of employees. Two of these forms, the IRS 940 and the IRS 941 are crucial. The first form is an annual form…
Due to the COVID-19 pandemic, which sent many people into financial turmoil, the amount of tax debts that citizens owe to private collectors has soared. When the country shut down in March of 2020, many businesses furloughed or laid off their workers, leaving those employees reliant on unemployment. The businesses…
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…
In October 2020, the IRS announced that it will once again start sending out 500 series balance due notices to taxpayers who are delinquent. According to sources, there was a large backlog built up due to the COVID-19 pandemic, since they were unable to process payments and go through received…
Many people wonder whether or not they have to file taxes if they have a dual citizenship. First, let’s start with what this means. If are you are a citizen of both the United States and another country, like Canada or the United Kingdom, then you have what’s called dual…
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