As taxpayers and politicians argue about the impact of additional IRS funding, the Supreme Court is taking a look at the rules for collecting financial and other information without notice to taxpayers. Who is entitled to notice when the IRS seeks to track down the assets of delinquent taxpayers? That’s the question that has landed…
BRAZIL – 2021/06/08: In this photo illustration a Facebook logo is seen on a computer screen through … [+] a magnifying glass. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Facebook’s tax dispute over the pricing of transactions with an offshore subsidiary marks the first time an important anti-profit-shifting…
WASHINGTON, D.C. – APRIL 19, 2018: The U.S. Supreme Court Building in Washington, D.C., is the seat … [+] of the Supreme Court of the United States and the Judicial Branch of government. (Photo by Robert Alexander/Getty Images) Getty Images When you’re in law school, you often dream about having a case that makes it…
George Town, Cayman Islands getty A handful of extremely wealthy US taxpayers holds trillions of dollars in foreign accounts, much of it in tax havens and through partnerships, according to a new study based on data reported to the IRS by foreign financial institutions. Since 2015, the Foreign Account Tax Compliance Act (FATCA) has required…
During the week, Eugene Hall uses his tech savvy to chase down tax cheats, identity thieves and other fiscal frauds. And on football Sundays, he assesses penalties—five and ten yards at a time. On Sundays, during the NFL season, you can spot Eugene Hall as side judge 103, making critical calls about whether a catch…
Closeup of a Disaster Relief sign at a center handing out water. getty This morning, I woke up to the news that devastating tornadoes swept through Mississippi, killing at least 23 people and injuring dozens more. The Mississippi Emergency Management Agency tweeted, “Unfortunately, these numbers are expected to change.” In times like these, of course,…
The US Internal Revenue Service (IRS) building is seen on the first work day for furloughed federal … [+] workers following a 35-day partial government shutdown in Washington, DC, January 28, 2019. – The five-week government shutdown subtracted $11 billion from the US economy, about twice the amount President Donald Trump sought to fund a…
How long are you required to keep old tax documents? getty As we enter tax season 2023, you may wonder how long you should keep your old tax returns and other paperwork associated with filing your taxes. For those with hard copies of your taxes, you might wonder if you can scan them. Or do…
Small business owner gathering his expenses for taxes. getty For many, it is not the most wonderful time of year. Whether you do your own taxes or get professional help, tax time is usually a stressful time. This is especially true for small business owners and founders. Small business owners have enough to manage with…
Cyber attack using the phishing technique. Digital illustration. getty The IRS is again warning taxpayers about phishing and smishing schemes as part of this year’s Dirty Dozen. Dirty Dozen The “Dirty Dozen” is an annual list of common scams taxpayers may encounter. Many of these schemes peak during tax filing season as people prepare their…