The Internal Revenue Service offers some advice to taxpayers who owe tax money, but it may not be the right advice for your situation. At the end of the day, the IRS is in the business of collecting tax money, not giving away free financial advice. While some of the agency's suggestions make sense, … [Read more...] about The Internal Revenue Service offers advice for paying taxes
The gift tax is a tax levied by the federal government on monetary or value gifts. Usually this tax is paid by the person who gives the gift, though agreements can be made for the person who receives the gift to make payment. In such cases, the Internal Revenue Service recommends that … [Read more...] about What is the gift tax?
In the wake of a major hack of the Internal Revenue Service network, the IRS reports that it will partner with third-party firms to bolster security and protect the information and returns of taxpayers. The efforts will include working with software and tax-preparation firms. In May 2015, hackers … [Read more...] about IRS makes moves to protect taxpayer information
While it's important for individuals and businesses alike to keep up with major tax law changes, it's also a good idea for you to keep up with changes in your own life when it comes to tax documents. One specific document that many people should update from time to time is the W4 form that is … [Read more...] about The importance of accurate withholdings
April 15 is not a date that goes unnoticed by most people, but it can be easy to miss the Internal Revenue Service's tax filing deadline when life gets in the way. Many individuals and businesses that miss the deadline did mean to file their returns. However, waiting until the last minute or trouble … [Read more...] about Unfiled tax returns: not a problem to sweep under the rug
There are two types of audits that the Internal Revenue Service conducts with regard to businesses. The first type, known as a correspondence audit, is conducted via postal mail. The IRS uses these audits to request and review addition information about income and expenses or the deductions taken on … [Read more...] about Where does the IRS hold business return audits?