In recent years, a process known as “inversion” has received increased scrutiny by the public and by the government. It’s a way for businesses to avoid certain taxes by claiming to be a foreign company. These tax dodges are costing the United States millions a year in revenue, and the Treasury Department has been taking steps to […]
Recently, the IRS offered a new proposal for substantiating charitable donations. Right now, charities can simply send an appropriate letter thanking the donor for the gift, or offer a receipt for the gift (especially important for donations of goods).
However, in some cases donors may forget to ask for a receipt, or […]
As the end of the year approaches, Congress is considering different policies and taxes. One of the issues on the table right now is what to do about those who owe a large amount of tax debt. Right now, lawmakers are considering the idea of limiting an offender’s […]
The IRS has seen budget cuts in recent years, and that is taking its toll on the agency. While many taxpayers might breathe a sigh of relief at the idea that they may not be audited, the reality is that a small budget also means worse taxpayer service.
Fewer Tax Audits in Recent Years
Not too long ago, the IRS released the latest information for 2016 tax brackets. It is the information you’ll use when you file your taxes in 2017. However, even though these numbers won’t be used when you file your 2015 taxes in the coming months, understanding some of these changes now can help you plan […]