In recent years, the IRS’s delinquent collection rate has been abysmal. As the IRS’s performance continues to wane, the IRS just selected four private debt collection agencies to collect overdue tax debts that the IRS is not actively pursuing.[1] These agencies are:
Read MoreAmerican professional athletes face what is commonly known as the “jock tax.” The jock tax, rather than being a single tax as its name implies, is actually a collection of state and local tax measures that apply to professional athletes (as well as other traveling professionals) who play, practice, and work in many different states every year.
Read MoreIt’s not a secret – a lot of people made a lot of babies following the end of World War II. Who can blame them? On July 1, 2016 those oldest “baby boomers” turn 70½ years old. Who cares?
Read MoreIf you are a tax preparer, what should you do right now to protect yourself from an IRS investigation later? First, retain electronic copies of your records; Second, train your employees concerning an IRS raid, and; Third, consider making changes to how you review a tax return with a taxpayer.
Read MoreEveryone hates taxes. Whether it be preparing taxes, filing taxes, or paying taxes, the only light at the end of the tunnel (obviously besides avoiding penalties and possible jail-time) is a possible tax refund.
Read MoreCould the number of employees who must be paid overtime increase dramatically as a result of new regulations issued by the Department of Labor? The answer is undoubtedly yes…
Read MoreLast week, the Obama administration unveiled measures to help stop the use of anonymous shell companies engaged in tax evasion, money laundering, and other nefarious schemes by requiring disclosure of actual company owners.
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