So you’ve come out on the bad end of an audit with the IRS. You strongly believe that you have followed the right course of action with your taxes and you have the documents to back it up but what can you do? After appealing your audit it’s starting to look like you’ll be getting into a …
What Happens During The Tax Court Litigation Process Read More »
Paying taxes as a married couple means the IRS automatically involves itself in your marriage. If you get divorced and agree on alimony payments, the involvement doesn’t end – unless you get divorced in 2018 or later. In the 1940s, the IRS allowed spouses paying alimony to deduct their payments from their taxable income for …
Divorced with Taxes: Reporting Alimony as Income on Your Tax Return Read More »
Do you like to gamble? Do you ever win? Do you lose sometimes? If the answer to any of these questions is yes, then you should know that the IRS knows that as well. Most people aren’t aware that the government requires you to report all the money you win when you gamble. The same …
A Comprehensive Guide to Deducting Your Gambling Income & Losses Read More »
How to Know When You Need to File an FBAR If you own a foreign bank account, we highly recommend filing an FBAR. This complex form is also known as FinCEN form 114. The ins and outs of filing an FBAR are a bit complex, and some people view the form as an invasion of …
Federal Tax Changes in 2019 To Stay Updated On Every year, tax laws change. While some of these changes are minor, others are pretty significant. Keeping up with any changes that happen, both at the local, state, and federal level, is extremely important. Otherwise, you could be in for a surprise when tax season rolls …
Your Guide to Quashing a Rule 45 Subpoena Have you been served a subpoena under Rule 45? Specifically a subpoena for the production of evidence (duces tecum)? In this article, we are assuming that you, the federally subpoenaed party, do not wish to comply with the subpoena. We aim to help you better understand a …
When you file your taxes, finding out that you owe the IRS some money can feel overwhelming. Maybe you underpaid your taxes throughout the year, or maybe you suddenly owe a large sum due to capital gains or forgiven debt. In any case, the key is to take action as soon as possible. After all, if you …
Can’t Pay in Full? Here Are Five Tips to Help You Pay Your Tax Bill Read More »
When tax season rolls around, everyone is curious: do I owe the IRS? Not everyone is lucky enough to receive a tax return. The pure fact of not knowing how much you’ll be owing by April 15th is enough to add stress to your life. Or maybe you simply want to know so you can …
Do I Owe the IRS? How to Find Out If and How Much You Owe Read More »
Have you ever wondered what would happen if you don’t file a tax return? Tax law for states is different than that of the federal government. Filing your taxes is no fun and the tax preparation process can be arduous. So, why does anyone do it? Because evading your taxes is a crime. Tax violations …
Is Tax Evasion a Felony? All About Tax Violations and the Penalties Read More »
As tax season approaches, many successful businesses fear dealing with the Internal Revenue Service (IRS). The most common fear is an audit, but that does not happen as often as you would think. Only about 2.5% of small businesses in the United States get audited every year. It’s much more likely that your business needs …
Tax Attorney vs CPA: Why a Tax Attorney May Be What You Need Read More »
Did you know that if you don’t report an offshore account to the IRS they can fine you up to $500,000? No wonder that people get nervous when it comes to opening an offshore bank account. They don’t want to do something wrong that will bring them trouble later. Having an offshore bank account is …
Store Offshore: Everything You Need to Know About Opening an Offshore Bank Account Read More »
Got Tax Questions? We’ve Got Answers Everyone has questions about something. Taxes are no exception. In fact, many people have more questions about taxes and personal finance than about anything else! So what do you need to know about taxes? Well, a few things. Why Should I File My Taxes Early? Your grandmother may not …
Frequently Asked Questions Every Taxpayer Needs to Know Read More »
Keeping a Handle on Taxes During Retirement You’ve finally hit your retirement years. It feels good to kick back, relax, and not have to worry about paying taxes anymore. But wait! You still have to pay taxes! Even though you are in retirement and are not earning an “income” you are still responsible for paying …
Taking Care of Start-up Taxes in 2019 Starting your own business can be a headache. There are all kinds of costs associated with starting up a company and start-up taxes can be the biggest headache of all. As you prepare for tax season, there are a few items that need to be on your checklist. …
Starting A Start-Up: How to Handle Tax Season as a New Business Read More »
How to Manage Your Investment Taxes Whether you’ve been investing for years or you just started last month, it’s important to understand investment taxes. Filing investment returns need to be done along with your annual tax return and are important to remember to take care of. It’s much easier to file taxes correctly the first …
Everything You Need to Know About The Top 5 Types of Investment Taxes Read More »
Everything You Need to Know About Employee Filing Status It can be confusing figuring out how employees should be classified for tax filing, and incorrectly classifying can have consequences. Small businesses should be careful when classifying workers on employee tax forms to avoid penalties and additional taxis. You need to determine whether works should be …
The 2019 Guide to Determining Employee Filing Status Read More »
Managing Taxes for the Newly Married Transitioning from being single to being married has a lot of changes that come with it. One change that often confuses couples is tax preparation as a married couple. For 2018 tax purposes, you will be eligible to file as a married couple as long as you were married …
Just Married? How to Handle Taxes as a Married Couple Read More »
How to Handle Tax Season as a Self-Employed Worker Being self-employed or a freelancer comes with a whole slew of tax laws. Navigating these can become very difficult. How To Determine Self-Employment The first step in identifying your tax liability is to determine if you classify as self-employed or not. Even though you have a …
IRS Fresh Start Program: The Tax Penalty Relief You Need If a letter from the Internal Revenue Service fills you with dread, especially if you owe back taxes or have an unpaid tax bill from a prior year, then you might think that there’s no way out. Sometimes, taxpayers end up in financial binds and …
Everything You Need to Know About the IRS Fresh Start Program Read More »
Did you know that in 2016 over $110 billion was lost in gambling in the United States alone? It’s no wonder that people are trying to learn more about using their losses to offset their winnings if they had any. Sometimes you win big, others times you’re just not lucky. Keep reading to learn everything you need …
Not Your Night: What to Know About Claiming Gambling Losses Read More »
The IRS has one job: collect taxes from American citizens, residents, and businesses. But it misses out on $400 billion in unpaid taxes each year. On average, 84 percent of the money owed reaches the IRS’s coffers. So if April rolls around and you owe tax you can’t afford to pay, then you’re not alone. In …
It’s Your Money and You Want it Now: What to Do When the IRS Garnishes Your Wages Read More »
Given that more than 8 million people owe money in back taxes every year, not everyone has the money to shell out for their debts right away. These debts can add up fast and start to lead to financial problems that follow us for years. If you’re stuck without help, you can seek tax forgiveness …
The IRS issued final rules pertaining to charitable deduction substantiation. With some exceptions, the regulations impact charitable contributions made after July 2018
Despite promises to simplify the filing of taxes, reporting your income to the IRS may now be even more complex. With the passing of the Tax Cut and Jobs Act, there are also a number of other complexities that accompany the filing of taxes. While the Form 1040 is now shorter, it requires greater use …
The new tax law overhaul places a $10,000 cap upon deductions on federal returns pertaining to state and local taxes. Yet a number of states are challenging this cap. Four states (not including Michigan) filed a lawsuit against these provisions. Defendants in the lawsuit include the Department of Treasury and the Internal Revenue Service. The plaintiffs feel …
We are only beginning to understand the impact of the recently passed Tax Cuts and Jobs Act of 2017. Like all other reform measures, it promises to simplify the tax filing process. However, this will not necessarily be the case. Recent commentary discusses how this act will impact those who work remotely. While we have seen …
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 Tax Crimes on Friday, April 6, 2018. Michigan taxpayers need to understand how extensive the IRS whistleblower program is. Besides having massive support from other federal branches, the IRS is always enhancing its enforcement efforts. The whistleblower program Whistleblowers stand to profit by reporting on the wrongdoing of other taxpayers. The …
On behalf of Silver Tax Group posted in Tax Audit on Thursday, April 5, 2018. As we approach the tax filing deadline of April 17 in 2018, it is crucial to determine whether you must file as an immigrant. Permanent residents/green card holders must file a U.S. tax return. For those who have filed for refugee status and are …
On behalf of Silver Tax Group posted in Tax Law on Tuesday, March 6, 2018. Perhaps Benjamin Franklin said it best: The only certainties in life are death and taxes. While every American knows that they need to file their taxes and that the task needs to be done by April 15, an alarming number of them know very …
What Americans Don’t Know about Filing Their Taxes Read More »
On behalf of Silver Tax Group posted in Tax Law on Wednesday, February 28, 2018. The only thing financial advisers know for certain about the new Trump tax plan is that nothing is very certain at all. While some workers in some tax brackets can expect to have less money deducted from their paychecks, that doesn’t mean they will …
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 Monday, January 22, 2018. Courts continue hearing cases concerning filings of the Report of Foreign Bank and Financial Account (FBAR). There are significant penalties that accompany the failure to file an FBAR. This can include significant fines and even prison time. The IRS does not have unlimited powers, …
The Foreign Account Tax Compliance Act (FATCA) governs reporting of foreign financial institutions concerning assets held by American citizens. Such institutions face substantial penalties for failing to report these assets. “Combat tax evasion” U.S. tax officials deal with this underreporting through FATCA. In 2010, President Obama stated the primary purpose of FATCA was to “combat …
[UPDATE: This article has been revised to reflect the changes to the tax bill that made it into the final version passed by the House and the Senate. At the time of this update, the only remaining step is that the President must sign the bill, so the changes outlined below will become law soon.] It …
On behalf of Silver Tax Group posted in IRS Tax Audits on Friday, December 1, 2017. Cryptocurrency or digital currency is a relatively recent creation. Bitcoin is probably the most familiar type of cryptocurrency. In any case, reporting of cryptocurrency gains continues to be a tax issue. IRS can investigate cryptocurrency gains While one particular company, Coinbase Inc., is challenging …
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 Tax Law on Monday, November 6, 2017. The federal estate tax exemption has hovered near $5.5 million (almost $11 million per couple) for years. If an estate that cross this threshold, the federal tax rate is 40 percent. This does mean that all states follow the same approach. Currently, there are …
On behalf of Silver Tax Group posted in Back Taxes on Tuesday, October 17, 2017. Not anticipating federal tax consequences often leads to problems for Michigan taxpayers. To the IRS, even severance pay is subject to taxation. It matters little to the agency whether such severance pay is due to a firing, layoff, or settlement of a lawsuit. As …
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, September 6, 2017. Individuals owing back taxes often are dealing with other issues as well. Many times Michigan taxpayers who owe the most to the IRS also are unemployed or underemployed. Such people have enough problems simply paying the bills and keeping their families fed – let …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, August 10, 2017. Should you as a Michigan resident suffer damage to property due to a storm, there may be ways to deduct such losses on your tax returns. However, this is not always a simple matter. The IRS warns that to be available such deductions must …
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, July 27, 2017. We have said before on this blog that is important to be aware of the deductions available to you. Despite the fact that the IRS is an intimidating presence, Michigan residents still have the legal right to take a large number of deductions …
On behalf of Silver Tax Group posted in Offshore Accounts on Tuesday, May 30, 2017. While the taxes you pay concerning foreign investments may not always be large, the failure to comply with rules pertaining to reporting of this income can result in severe consequences. The rules for reporting such income are also highly complex. Understand the requirements Most …
Passive Income and The Strict Reporting Requirements Read More »
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 …
Gambling is more than just a form of entertainment or hobby; according to the IRS it is also considered a form of income. Since income must be reported for taxes, any winnings you receive from gambling must also be reported. These winnings can be anything from casinos, lotteries, horse races and raffles to cars, trips …
Did You Know It’s Required to Report Gambling Winnings on Your Taxes? Read More »
On behalf of Silver Tax Group posted in Tax Law on Monday, October 24, 2016. In just a few weeks, Americans will select the next president of the United States. As the campaigns complete their final pushes toward the finish line, one topic remains in the media: the release (or nonrelease) of nominees’ tax returns. Tax Returns And The …
Should Presidential Nominees Release Their Tax Returns? Read More »
If you still haven’t filed your tax return, you may be panicking as time ticks down. This year, the District of Columbia Emancipation Day holiday meant IRS workers got Friday off and pushed back the tax filing date from the 15th to the 18th. You have until midnight to postmark your federal tax return to …
On behalf of Silver Tax Group posted in Tax Audit on Tuesday, March 8, 2016. This time of year may have you thinking creatively about tax deductions. Reading the tax code too liberally can lead to an Internal Revenue Service tax audit followed by a court battle. Failing to have proper records can also lead to a later tax …
What Records Do You Need to Support Tax Deductions? Read More »
On behalf of Silver Tax Group posted in Tax Law on Monday, January 25, 2016. There are times in life when nearly everyone discovers that someone they love is not the person they believed him or her to be. If you have recently uncovered certain truths about your spouse that have left you panicked about your financial future, you …
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