This tax season has brought surprises. Some taxpayers have found that they didn't withhold enough or didn't pay enough on their estimated payments. Others were affected by the state and local tax deduction cap.
The largest tax code changes in the past 30 years are now fully in effect. This has led to more questions and caused some confusion this tax season. For many who may have done their own taxes in the past - especially small business owners - it is a good year to seek professional assistance.
A group of senators recently released a letter to the Internal Revenue Service (IRS) calling on the agency to adjust its practices and conduct more efficient audits. The Senators behind the letter include U.S. Senator Dick Durbine (D-IL), Elizabeth Warren (D-MA) and Bernie Sanders (I-VT).
The Internal Revenue Service (IRS) requires businesses to file tax returns by March 15, 2019. A failure to file on time can result in penalties. The easiest way to avoid the penalty is to file on time. If your business is unable to meet the March 15 deadline, consider requesting an extension.
Divorce thinking often begins years before service of a divorce petition. Spouses can be known to get creative with schemes to hide income as well as financial mistakes.