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IT systems play a role in many of the Internal Revenue Service’s actions, functions and processes. However, data suggests that a good portion of the IT systems the agency relies on are out of date. The IRS’s goal is to have obsolete hardware and infrastructure make up no more than a quarter of its overall […]

Among the things that can pose significant problems for a taxpayer is being accused of failing to report income to the Internal Revenue Service. Such accusations could leave a taxpayer facing significant monetary penalties and other impactful consequences. Allegations of failing to report income can come up over a wide range of things, as most

Understanding what options they have when it comes to tax matters can be very important for small business owners. Having an incomplete picture of such options could cause an owner to inadvertently act in a way not consistent with their financial best interests. One area for which this is the case is deductions and credits.

Among the very impactful actions the IRS sometimes takes against individuals is seizing their assets. There are a variety of situations in which a person could be facing an IRS asset seizure. An important thing to know when facing the potential of an IRS seizure is that there are rules and limits the government is

Individuals may have many goals related to higher education for themselves and their family. Meeting these goals can have a lot of expenses connected to it, particularly in today’s world where higher education costs can be quite high. So, it can be important to be aware of what sources of financial relief one might have

Sometimes, the IRS will put special focus on certain things when it comes to tax enforcement. One area that has been getting increased IRS attention lately is the buying and selling of digital currencies, such as bitcoin. Particularly, the IRS has been on the lookout for people avoiding paying taxes on gains made buying and

A business can be in a vulnerable position as it is just getting started. Financial shocks could imperil a new business’ future survival. Among the things that could expose a new business to financial shocks are tax problems. When the Internal Revenue Service claims that an entrepreneur made mistakes or acted improperly in relation to

Many things in our world can have tax implications. This includes how lucky a person proves to be when they gamble. In today’s post, we will talk about a couple of the big tax issues that come up in connection to gambling. One such issue is reporting winnings. Gambling winnings are taxable income. So, taxpayers

There are a range of circumstances in which a taxpayer could end up being contacted by the Internal Revenue Service. Such contact can take multiple forms. You might receive a letter from the agency. A revenue agent or officer might contact you by phone. Also, you might be visited by a revenue agent, revenue officer