Hobbies are an important part of our lives. They offer stress relief, the opportunity to develop new skills, the ability to escape from the rigors of our everyday lives, and are an important part of allowing us to remain vital and active into our twilight years.
As the summer winds down and back-to-school season kicks into full swing, the new target for scammers is students and their parents. A caller demands that you immediately pay an unpaid tax bill. When you ask questions or refuse, the caller turns hostile and threatens that the police are on their way to arrest you.
It is deceptively simple, but effective - impersonate a CEO by "spoofing" his or her email and request W-2 information from human resources. Coming at the height of tax season, busy HR staff may not stop to question the true identity of the sender.
Age and medication are no excuse when the Internal Revenue Service to a charge of tax evasion. The IRS alleged that the psychologist failed to report more than one million dollars in income from his Palo Alto practice from 2005 to 2009.
Starting up a new business requires the owner or owners to make many decisions that will affect the tax treatment of profits and losses. Incorporating a business protects the personal assets of owners or shareholders from creditors or lawsuits.
Children often follow their parents into the same profession. Summers spent working at the law office, for example, could spark an interest in the field.
We have discussed changes to the U.S. Internal Revenue Service limited-amnesty program for hidden offshore accounts over the last month.
It’s never a pleasant experience to check the mail and find a letter from the IRS. Over the last decade, the use of IRS correspondence tax audits has skyrocketed.
Budget cuts over the last five years have affected customer service at the IRS. In April, we discussed how furloughs of IRS workers and a hiring freeze also resulted in weaker enforcement of tax laws.
The recent changes to the limited-amnesty program discussed on this blog contained good and bad news. Our previous post explained how penalties are going to increase for some taxpayers in the Offshore Voluntary Disclosure Program.