Tax Law

alimony and taxes

Divorced with Taxes: Reporting Alimony as Income on Your Tax Return

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 …

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take proper care of investment tax

Everything You Need to Know About The Top 5 Types of Investment Taxes

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 …

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Employee tax status filing

The 2019 Guide to Determining Employee Filing Status

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 …

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garnished wages

It’s Your Money and You Want it Now: What to Do When the IRS Garnishes Your Wages

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 …

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know about whistleblower program

The Awards Whistleblowers Receive in Tax Cases

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 …

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A blue-collar worker and tax law changes

Tax Law Changes and Detroit’s Blue-collar Workers

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 …

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limited power of IRS

The IRS and Statutes of Limitation

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, …

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FATCA and underreporting of income

FATCA and Underreporting of Income

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 …

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digital currency and taxes

Cryptocurrency Gains and the IRS

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 …

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tax changes in 2018

Tax Changes in 2018

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 …

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taxes of gifting and estate taxes

Gifting and Estate Taxes

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 …

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passive income and reporting

Passive Income and The Strict Reporting Requirements

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 …

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report gambling winnings on taxes

Did You Know It’s Required to Report Gambling Winnings on Your Taxes?

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 …

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