It’s already mid-April and the tax season is just about to come to a close. For those who still haven’t field their taxes, the deadline is now just a week away, unless you’ve filed for an extension. However, the deadline to file your federal income tax return is not the only significant tax event […]
The IRS recently released their annual offer in compromise (OIC) data for 2016. Although the acceptance rate fell in the fiscal year 2014 and 2015, it reached a new all-time high in 2016 with an acceptance rate of 42.86%. That is almost 1% more than the previous all-time high reached in the fiscal year 2013.
An Offer in Compromise is a “proposal by a taxpayer to the […]
When you received your first paycheck, you were probably surprised to discover that what you told you are earning, and what you actually come home with, are two different things. Due to tax withholding from your paycheck, your take-home pay is usually less than you earn.
Your federal and state income tax payments are usually withheld from your […]
In recent months, the IRS has complained that it doesn’t have the budget to properly enforce tax law or to provide adequate customer service. IRS Commissioner John Koskinen recently pointed out that budget cuts mean that the agency will be unable to replace up to 1,800 workers.
However, the IRS just announced that it […]
When the Powerball prize pot reaches epic proportions (currently, it’s sitting at $1.5 billion), we all start to dream big. Whether you go to the convenience store and buy a ticket, or whether you shake your head at those who do, the reality is that you’ve probably thought about what you’d do if […]