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…
The IRS has estimated that U.S. taxpayers underpay their taxes by around $300 billion each year. Each taxpayer is responsible for calculating their own tax bill, but the IRS also uses other sources of information. It compares the information provided on taxpayer returns to that other information. If it finds…
More than five million United States citizens live outside of the U.S., according to estimates by the federal government. Regardless of where they live, all citizens are required to pay federal income tax to the IRS. Federal law provides several methods for renouncing or relinquishing U.S. citizenship, but doing so…
The federal Internal Revenue Code (IRC) allows taxpayers to deduct various business expenses from their income for the purposes of computing their total tax bill for a given year, with numerous exceptions. Section 280E of the IRC, for example, prohibits deduction of expenditures involved with “the illegal sale of drugs.”…
The Taxpayer First Act (TFA) of 2019, which became law on July 1, makes a variety of changes to the Internal Revenue Code (IRC). Title II, Subtitle A of the TFA, entitled “Cybersecurity and Identity Protection,” addresses taxpayer identity theft. As more and more tax preparation and filing activities move…
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