by Leif Jensen | Feb 23, 2022 | Taxes |
It seems that the IRS’s Criminal Investigation division is pursuing fewer payroll tax dodges… In 2021, the CI began 215 of these cases, compared with 298 the prior year. Apparently the probes of nonfilers, abusive tax schemes and cross-border crimes are also down. But...
by Leif Jensen | Feb 22, 2022 | Tax Court |
When having an issue with your taxes and calling the IRS of instructions, is what we have been instructed to do, it is in the instructions. They are supposed to be the experts. Relying on an IRS phone operator’s incorrect advice doesn’t avoid a tax bill. A man called...
by Leif Jensen | Feb 21, 2022 | Running a Business |
Expenses incurred before business starts aren’t deductible right away. An engineer bought vacant land with the intent to eventually farm and develop it. Although he spent time and money working on the land, began constructing a barn, and even came up with a business...
by Leif Jensen | Feb 16, 2022 | Taxes |
The tax burden on the highest income earners has actually gone down, according to IRS statistics. That is not to say that they are not paying their share. The top 1% of individual filers paid 38.77% of all U.S. income taxes for 2019, the most recent year IRS has...
by Leif Jensen | Feb 15, 2022 | Taxes |
OIC (Offer in Compromise) is an easing for people wanting to settle tax debts for less than what they owe. Starting with offers in compromise accepted by IRS after Oct. 31, 2021, the Service is no longer recouping a taxpayer’s refund for the calendar year in which an...
