Every once in a while, the Internal Revenue Service (IRS) will issue campaigns. These campaigns are certain areas of tax compliance the agency intends to focus on in coming years. This year, the agency has publicly announced over 50 campaigns. Three specific efforts to watch include:
President Donald Trump’s administration touted the Tax Cuts and Jobs Act (TCJA) as a major break for taxpayers. The administration stated the law, the biggest reform to the tax code in decades, would lead to big tax savings. For some individuals and businesses, it did. For others, not so much. Regardless of the impact, one concern connected to the TCJA and the many changes it resulted in within the tax code could soon become a reality: audits may increase.
The Tax Cuts and Jobs Act (TCJA) led to major tax reform that likely impacted every taxpayer. Provisions throughout the law change everything from the basic to the complex. One of the more complex matters changed by this law: taxation of foreign assets.
Tax debt can quickly become unmanageable. Three tips for those who are struggling to manage this form of debt include:
Even more change is coming for the Internal Revenue Service (IRS). On July 1, 2019, President Donald Trump signed into law the Taxpayer First Act of 2019.
While writing can be a good source of money, it requires a lot more than simply putting creative ideas onto paper. In the case of K Slaughter v. Commissioner, it provides an important tax lesson.
The United States government tasks the Internal Revenue Service (IRS) with managing the country’s tax obligations. This agency helps those who pay their taxes and works to hold those who attempt to avoid these obligations accountable. The numbers of agents who work with this agency to achieve this goal has decreased over the last ten years, leaving this agency short staffed.
The Internal Revenue Service (IRS) recently sent a representative to a meeting of legal professionals from throughout the country. At the meeting, held by the tax section of the American Bar Association, the agency’s representative stated the IRS will continue to review taxpayers’ foreign accounts and would continue to look for evidence of United States taxpayers’ holding and failing to report such accounts.