Last March, attorney
Michael Avenatti, who is best remembered for his representation of actress
Stormy Daniels, proved that failure to make estimated tax payments is a
bad idea. In addition to being charged with providing false tax returns
for
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Understanding the IRS Collections Process
Like most creditors,
the IRS will act on its right to collect taxes that you owe. In the beginning,
its collection process is similar to what you may have encountered with an
overdue credit card or utility bill: you get…
How And When To Get A Tax Extension in 2020
For most people, the
deadline for paying taxes on income earned in 2019 will be April 15, 2020. If
you have a more complicated return or just need extra time collecting the
documentation needed to complete and send it, you…
How To Stop IRS Wage Garnishment
When you owe money
to the IRS, you’ll quickly learn that it has collection resources that outstrip
any other creditor. The government has the authority to garnish your wages, salary, commissions, bonuses, and other forms of
income without getting a…
Do I Need A Tax ID Number For My Business?
Thanks to the gig
economy, a growing number of people are inspired to take control of their
financial future by starting their own business. One of the first things they
ask themselves is, “Do I need a tax ID number…
Are Offshore Accounts Legal? How Do They Affect My Taxes?
On April 3, 2016,
the German newspaper Süddeutsche Zeitung
published the ‘Panama Papers,’ which were confidential
documents belonging to Panama-based law firm Mossack Fonseca. Among other
things, the papers exposed over 214,000 tax havens for politicians,
celebrities, and…
IRS Now Targeting Cryptocurrency Owners
Many people invest in digital currencies like Bitcoin, LiteCoin, and Etherium but they don’t always reveal their gains at tax time. According to Fortune, only a tiny percentage of cryptocurrency owners have been reporting profits and losses on their yearly…
Do You Have to File Delinquent Returns for All Missing Years?
People fail to file their personal or business tax returns on time for a variety of reasons. You may not have the money when your return comes due, or you could be struggling with a prolonged and debilitating health condition…
What is FATCA?
Do you have a foreign bank account? If so, you’ve probably received correspondence from your bank advising you that they will be providing your financial information to the IRS. When foreign governments sign the Foreign Account Tax Compliance Act (FATCA)…
What Is the Substance Over Form Doctrine?
Substance over form is both a principle and a doctrine. As an accounting principle, it is designed to ensure that an entity’s financial statements provide an accurate and complete overview of its events and transactions. These statements measure and report…