There’s no nationwide system for tracking just how many people fall victim to tax scams. But with scammers getting smarter and their technology more advanced, its likely that the number of victims has been rising in the last several years. These scams can lead you to pay fake bills or handing over personal information. Whether …
Don’t Be Fooled: Common Scams Targeting Taxpayers Read More »
Besides making mistakes that place taxpayers in a bind, the IRS also sometimes conduct seizures that prove to be illegal. Perhaps as many as 30 percent of such seizures violate the law in some manner. There have already been instances of alleged wrongdoing on the part of the agency. Many conservative groups claim the IRS …
The timeline is closer to where American citizens can no longer apply for relief under the Offshore Disclosure Program (OVDP). The OVDP, which has been running for 10 years, is due to shut down on Sep. 28. We have spoken in the past about the consequences that face taxpayers who do not take advantage of the …
Prior U.S. Supreme Court decisions have placed restrictions on state when it comes to taxing interstate commerce. However, its most recent case upon this issue appears to change all of that. In South Dakota v. Wayfair, our nation’s highest court decided that one state’s tax on internet retailers placed no burden upon such commerce. In the court’s …
U.S. Supreme Court Decides upon Online Sales Tax Read More »
The IRS puts out constant reminders concerning potential tax scams that could prove costly to Michigan taxpayers. Taxpayers may lose out on refunds. They could also face civil and criminal penalties for false reporting or filing frivolous returns. The agency recently put out what it calls its “Dirty Dozen” list. These scams range from obtaining private …
According to one commentator, the IRS suggestion that less audits are occurring is not entirely true. The problem with what the IRS is telling you is that they may define audits differently than other authorities. When sending out written notices to taxpayers, the term “audit” usually does not appear. Instead of “audit,” the IRS uses …
Possible Underreporting of the Numbers of Audits Read More »
On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, April 25, 2018. The U.S. Supreme Court will not be haring the latest challenge concerning the Foreign Account Tax Compliance Act (FATCA). A number of U.S. citizens living abroad brought the lawsuit. It also had support from Senator Rand Paul who felt that FATCA was unconstitutional. Plaintiffs …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, April 19, 2018. While the number of IRS audits has gone down in recent years, taxpayers still need to take care when filing returns. This is especially true with the passing of the Tax Cuts and Jobs Act. Even tax professionals remain unclear about a number …
On behalf of Silver Tax Group posted in Back Taxes on Monday, April 16, 2018. Even federal employees have problems with the tax code. This includes experiencing difficulties concerning reimbursement for transportation, travel and relocation. The problem concerns the need for updating of regulations pertaining to the newly passed Tax Cuts and Jobs Act. Becoming effective on January 1, …
New Tax Law Creates Problems for Federal Employees Read More »
On behalf of Silver Tax Group posted in Tax Law on Friday, April 13, 2018. Like a perfect change-up, the new tax code has Major League Baseball wrong-footed and looking foolish. The change did not target professional sports, specifically, but it has the potential to cause a major shift in the way teams do business. The calculus behind when …
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