Tax Blog: IRS & State News, Tips and More

Billions in Unpaid Taxes Due to Unreported 1099-K Income

Matt Robinson — Thu, 07 Jan 2021 21:54:02 +0000

IRS Plans to Contact Businesses and Individuals Who Are Not Reporting 1099-K Income Recently, the Treasury Inspector General for Tax Administration (TIGTA) advised the Internal Revenue Service (IRS) that it was losing billions of dollars in tax revenue due to unreported and underreported 1099-K income. A report released on December 30, 2020, explained the methods TIGTA used to find unreported 1099-K income, TIGTA’s recommendations, and […]

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Lower Your Tax Liability With These 12 End-of-the-Year Tax Strategies

Charles Corsello — Wed, 16 Dec 2020 17:16:17 +0000

The end of the year is here, and while dealing with the hustle and bustle of the holiday season, you should also stop and think about taxes. If you act quickly, there are all kinds of steps you can take now to reduce your 2020 tax liability and even a few things you can do at the beginning of next year. 1. Defer Income If […]

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Tax Return and Payment Extensions for Victims of California Wildfires

Matt Robinson — Tue, 20 Oct 2020 16:11:04 +0000

Due to the devastating nature of the wildfires currently raging in California, the Internal Revenue Service (IRS) has extended most tax deadlines for people and businesses in affected areas to January 15, 2021. Who Qualifies for Tax Extensions in California? To qualify for the tax deadline extension, you must live or run your business in an area designated as qualified for assistance by the Federal Emergency […]

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Tax Avoidance vs. Tax Evasion: Everything You Need to Know

Charles Corsello — Tue, 07 Jul 2020 16:31:51 +0000

Most people are looking for a way to reduce their tax bill, but it can be daunting to figure out how to minimize tax liabilities without getting on the IRS’ radar. Despite the similar terms, tax avoidance and tax evasion have key differences that can help individuals and families make the best financial decisions for their situation. Review this guide to find out how to […]

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2019 IRS Levies Up 22%, Liens Up 33%, & Individual Audits Dropped 25%

Charles Corsello — Tue, 30 Jun 2020 16:04:31 +0000

The IRS released data for 2019 with a few interesting numbers related to enforcement actions and audits. We will review and compare the number of tax liens, tax levies, and audits in 2019 as compared to previous years. Tax Liens Increase by 33% When an individual or business has a tax bill that does not get paid, the IRS eventually will file a tax lien. […]

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