2019 will be the first tax year in almost a decade without an individual mandate on health insurance. With 27.4 million Americans currently uninsured, it is best to know about the current tax laws. The IRS tax codes can be tricky, and a lot of Americans don’t know about the health insurance penalty they can face when …
What Happened to the Health Insurance Penalty in 2019? Read More »
Is it true about Amazon and Netflix? Maybe you’ve heard about this: Netflix and Amazon paid $0 in federal income taxes for 2018. How could this happen? What exactly are the tax loopholes that got them out of it? First Things First Every time you buy a product on Amazon and you must review and …
If you owe back taxes to the IRS, you’re not alone. The IRS estimates more than $12 billion in back taxes owed. In an attempt to receive their money, the IRS offers many options for taxpayers to work out these payments. Sometimes though, people still have difficulty making the payments on time. Whether they have other …
In Overwhelming Tax Debt? IRS Relaxes Offer In Compromise Rules Read More »
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 …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, March 8, 2018. Due to possible underreporting of income, the IRS is taking a close look at bitcoin transactions. This is in part because Bitcoin values increased over 20 times in 2017. Also, many bitcoin transactions take place outside of the public light. While such IRS crackdowns are …
On behalf of Silver Tax Group posted in Tax Law on Friday, January 26, 2018. Recently named “America’s Comeback City,” Detroit has a lot to be proud of. As the economy evolves, Michigan’s largest city is thriving. The poverty rate is lower than the national average, its unemployment rate continues to drop and revitalization efforts are infusing new blood …
Tax Law Changes and Detroit’s Blue-collar Workers Read More »
On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, January 18, 2018. According to Swiss international financial advisors, the Foreign Account Tax Compliance Act (FATCA) continues to impact dealings when it comes to international accounts and investments. This is true even though we hear talk of phasing FATCA out. FATCA went into effect in 2010. It …
On behalf of Silver Tax Group posted in Tax Crimes on Thursday, January 4, 2018. We’ve long discussed on this blog the power the IRS has in imposing criminal penalties. For example, Tax Code Section 7212(a) imposes penalties upon individuals who obstruct, impede or even endeavor to obstruct or impede “the due administration” of the Internal Revenue Code.” This …
On behalf of Silver Tax Group posted in Tax Law on Wednesday, November 22, 2017. As we near the end of 2017, you can’t turn anywhere without hearing about taxes. Tax reform is in the news. Ads for Black Friday and Christmas deals on tax software start to flood the airwaves. Businesses start to send their employees notices that …
On behalf of Silver Tax Group posted in IRS Tax Audits on Tuesday, October 31, 2017. Taxpayers face criminal penalties for tax code infractions. However, IRS employees also have been guilty of misconduct. Some have a history of performance issues. And many may still be working for the agency. Employees with misconduct issues Treasury Inspector General for Tax Administration …
On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, October 25, 2017. Every presidential administration promises some sort of significant tax reform. While the promise is almost always that the impact will be beneficial to the ordinary taxpayer, issues and unintended consequences usually arise. Michigan residents will nevertheless wish to pay attention to new changes in …
What’s Included in the New Tax Reform Proposals? Read More »
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 21, 2017. As digital currency is not the same as real currency, taxing of digital currency transactions is complex. Since digital currency can go up and down in value, exchanges and sales of digital currency trigger capital gains tax treatment. Because the price of digital currency has …
Congress Introduces New Bill Regarding Digital Currency Read More »
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, September 14, 2017. There have been a large number of complaints from farmers and business owners facing unjust IRS prosecution. Such complaints involve the IRS accusing farmers and small business owners of making transactions under $10,000 to avoid the Bank Secrecy Act rules. Congressional bill In …
On behalf of Silver Tax Group posted in Offshore Accounts on Thursday, September 7, 2017. Congress passed the Foreign Account Tax Compliance Act (FATCA) with the idea of collecting more tax revenues from U.S. citizens living outside of the country. By implementing a series of complex reporting requirements on foreign financial institutions, authorities were hoping to identify accounts and …
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, August 30, 2017. Changes to the tax code that some politicians propose could actually hurt many individual taxpayers. This is because simplification of the tax code could eliminate a large number of tax write-offs. Such changes in turn could eliminate incentives to itemize deductions on tax forms. …
Proposals Could Mean Certain Tax Write-offs Will Vanish Read More »
On behalf of Silver Tax Group posted in Tax Audit on Thursday, July 6, 2017. It’s natural to fear a tax audit by the IRS as audits have consequences. An adverse ruling as a result of an audit can lead to penalties and, in some instances, imprisonment. Data about IRS audits The IRS recently released statistics concerning 2016 tax audits. …
We previously wrote about a legal challenge brought by a number of corporations concerning changes to Michigan tax law. The U.S. Supreme Court has now declined to hear this challenge. Because of this, the changes to Michigan laws will stand. Changes on retroactive legislation These changes in law resulted in some of these businesses retroactively owing back …
Supreme Court Will Not Rule on Retroactive Tax Legislation Read More »
On behalf of Silver Tax Group posted in Back Taxes on Thursday, April 27, 2017. For decades, the alternative minimum tax has been a source of contention for taxpayers in Michigan and across the country. While the aim of the AMT was originally to target extremely wealthy taxpayers, it has been under criticism for impacting upper-middleclass taxpayers instead. What …
The Possible Repeal of the Alternative Minimum Tax Read More »
On behalf of Silver Tax Group posted in Offshore Accounts on Wednesday, April 19, 2017. With every new presidential administration, there are likely to be changes in federal tax policy. Some of these changes can radically impact the way that Michigan taxpayers will file their taxes and report on earnings. One such possible measure involves repeal of the Foreign …
On behalf of Silver Tax Group posted in Back Taxes on Friday, April 7, 2017. We don’t yet know what ultimately will happen regarding attempts to repeal the Affordable Care Act (ACA), more commonly known as Obamacare. Repealing it may prove more difficult than many of its opponents first claimed. And as of right now, it still remains intact. …
By Chad Silver of Silver Tax Group posted in Tax Law on Tuesday, February 7, 2017. President Donald Trump’s first few weeks in office have been met with a flurry of activity from the White House. Among the many proposals President Trump has for his administration is a tax plan that could cut the total number of tax brackets from seven …
On behalf of Silver Tax Group posted in Tax Audit on Monday, January 23, 2017. When you think of Tax Day, you probably think of April 15. And, in most years, you’d be correct. But 2017 has a different deadline due to some scheduling quirks caused by holidays, so Tax Day actually falls later this year. So when is …
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