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Tax News

How to Handle Missing the Tax Deadline: Options and Strategies for Late Filers

The deadline for filing federal income tax returns has passed, but if you missed the April 15 deadline, there are still ways to get them filed and minimize any potential penalties.

Stay Calm

First things first: stay calm and act quickly....

New Jersey Man Indicted for Tax Evasion and Obstructing IRS

A New Jersey resident found himself in hot water after a federal grand jury in Trenton slapped him with charges of tax evasion and obstructing the IRS.Matthew Tucci, hailing from West Long Branch, allegedly raked in millions of dollars in income...

IRS Adjusts Tax Brackets for 2024: What You Need to Know

So, you've probably noticed that prices have been creeping up lately, from everyday items like groceries to big-ticket items like plane tickets. Well, good news on the tax front: the IRS is stepping in to ease the load on taxpayers. They just...

Deadline Looms: IRS Urges Businesses to Rectify Employee Retention Credit Claims

March 22 Deadline

With a key March 22 deadline rapidly approaching, the Internal Revenue Service renewed calls for businesses to review the Employee Retention Credit (ERC) guidelines to avoid future compliance action for improper claims....

How to Navigate Tax Reporting for Digital Assets, Gig Work, and Tips

Hey folks, just a friendly reminder from the Internal Revenue Service: when it comes to your taxes, it's important to report all the money you've earned, whether it's from digital asset transactions, your regular job, gig work, or tips.

This...

IRS Targets Ultra-Rich Tax Dodgers: Crackdown on Unfiled Returns Underway

IRS IS CRACKING DOWN

The IRS has made it clear: they're targeting the ultra-rich who've been skipping out on filing their tax returns. With a focus on individuals earning over $400,000 annually, the agency is on a mission to recoup hundreds of...

IRS Sets Sights on Business Jets: Ensuring Tax Compliance for High-Income Individuals

Got some news from the IRS that might interest you. They're getting ready to conduct audits on business aircraft to ensure they're being used in compliance with tax laws. This move is part of their ongoing efforts to improve tax compliance among...

Get More from Your "Child Care" credit!

What is the "Child Care Credit" ?

Congress has beefed up the tax credit for eligible dependent care expenses during the pandemic, but those changes have run their course. Don't fret, though. There's still plenty you can do to maximize this...

2024 Tax Season has begun

The Internal Revenue Service (IRS) has successfully inaugurated the beginning of the 2024 tax season, accepting and processing federal individual tax returns on January 29th. This initiative is aligned with the agency's ongoing commitment to...

Understanding Tax Penalties and Interest: What Taxpayers Should Know

Taxpayers who fail to file their taxes on time might face a failure-to-file penalty. Typically, this penalty amounts to 5 percent of the unpaid tax for each month or part of a month that the tax return remains overdue, reaching a maximum of 25...

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