Category Archives: News
Tax News: The IRS Increases Its Offer In Compromise Fees
Every year, you take great pains to ensure that you file your taxes correctly while receiving the maximum deductions possible. Sometimes, you can’t pay your full tax bill. The Internal Revenue Service (IRS) has an effective set of tools at its disposal to recoup unpaid…
A Complete Breakdown Of The IRS 2021 Tax Tables
The tax process is always changing, making it essential to stay up-to-date on the latest regulatory shifts. Failing to do so could mean improperly claiming and filing your taxes when the time comes, after all, which might create an auditing and financial nightmare. The Internal…
In Overwhelming Tax Debt? IRS Relaxes Offer In Compromise Rules
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…
All You Need To Know About The People First Initiative
Because of the COVID-19 global pandemic, the IRS took a series of steps to ease the burden on citizens who may have concerns about meeting their tax obligations. Although some taxpayers may not be aware of it, the People First Initiative took effect on April…
What Happened To The Health Insurance Penalty In 2019?
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…
What Is Innocent Spouse Relief?
Did you know that Al Capone was sentenced to 11 years in prison for tax evasion and fined $80,000 in October 1931? A tax fraud conviction can cost you up to $100,000 and an average jail time of 3 to 5 years. Dealing with tax…
Oregon Solar And Storage Tax Rebate Program Details
If solar energy is what you believe in and you live in Oregon, this year may be your year. Under HB 2618, the new Oregon Solar and Storage Tax Rebate Program solar electric systems are now paired with solar storage for residential and low-income service…
The Effects The 2020 Election Could Have On Your Future Taxes
Do you wonder what impact the 2020 presidential election could have on your taxes, both now and in the future? Politics and taxes have a complicated relationship. You cannot always predict how the former will impact your taxes in the coming year, but you can…
Further Consolidated Appropriations Act (FCAA) 2020: Changes You Need To Know About
There are a lot of governmental plans and shifts that regularly occur without a lot of explanation. Most don’t impact the average American, but such moves can become slightly more frustrating or confusing when they begin to impact everyday business operations and companies’ bottom lines.…
How Come Corporate Giants Aren’t Paying Taxes?
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…
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