IRS OIC Acceptance Rate And Tax Levies Rise; Liens and Audits Fall in 2018
The IRS released its 2018 version of the IRS Data Book, which provides a snapshot of all activities conducted by the agency during the previous fiscal year. It covers activities that the IRS conducted between October 1, 2017, and September 30, 2018. It includes tax returns, appeals, exams, audits, levies, liens, and other […]
Tax Breaks and Essentials for New Widows
Tax Essentials for New Widows
Losing your partner can be emotionally debilitating, and on top of dealing with that aspect of the loss, you also have to handle numerous financial issues. Wondering how becoming a widow affects your income tax situation? Here’s a look at some of the essentials.
Life Insurance
IRS Ends Offshore Voluntary Disclosure Program Soon
As of September 28, 2018, the Internal Revenue Service (IRS) is ending the Offshore Voluntary Disclosure Program (OVDP). By law, all US citizens and residents are required to report foreign financial accounts to the IRS, if the total value of all their foreign accounts is over $10,000 at any time in […]
The Supreme Court Rules Online Retailers May Need to Collect Sales Tax
In June 2018, the Supreme Court ruled that states can require e-commerce companies to collect and pay sales tax, even for areas where they don’t have a physical presence. Here’s the good news — analysts speculate that the change will not alter shopping habits. Online shopping is so convenient that […]
Good News: Your Tax Lien Is About to Come Off Your Credit Report
If you’ve got delinquent tax debt, goods news is on the horizon. The credit bureaus are removing tax liens from credit reports (CRs). That instantly improves your credit report, potentially boosting your score and making it easier to obtain credit. Here’s a look at the details.
What Are the Credit Bureaus Removing?
Last […]