The United States government takes attempts to avoid tax obligations very seriously. The Internal Revenue Service (IRS) ramped up its efforts to hold those who evade tax obligations through the use of foreign accounts over a decade ago after a Senate report found taxpayers avoid an estimated $100 billion in tax obligations every year by utilizing secret foreign accounts.
The Internal Revenue Service (IRS) recently conducted a survey of taxpayers. The survey, tilted the Comprehensive Taxpayer Attitude Survey (CTAS), focused on taxpayer’s feelings regarding their tax obligations and included a review of 2,008 responses from the general public.
Residents in high tax states like California, Connecticut and New York have voiced frustration over some provisions included within the new tax law. One specific provision in the Tax Cuts and Jobs Act (TJCA) that hit taxpayers who reside within these states hard was the state and local tax (SALT) limitation.
Taxpayers who owed but failed to pay the Internal Revenue Service (IRS) for their 2018 tax filings will likely get a bill from the agency in June or July. Although filing on time likely saved these taxpayers penalty fees, they may still find themselves on the hook for late fees. As a result, it is wise to pay off your debt with the IRS as soon as possible.
A northern California attorney known for suing businesses for violations of the American With Disabilities Act, became the recent target of a federal indictment on tax fraud charges. The accusations include intentionally understating income from 2012 through 2014. If convicted, he may face with up to $100,000 fine for each count of the indictment as well as three years in prison.
Owing a significant amount in unpaid taxes can be stressful and overwhelming. You may feel uncertain as to how you found yourself in this situation and how to find a way out.
A recent report finds the rate of audits conducted by the Internal Revenue Service (IRS) is on the decline. This is particularly surprising when taking into account the tax gap, or difference between the amount of taxes the Internal Revenue Service (IRS) should have collected and the amount actually collected from taxpayers is 82%.