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 the IRS's plans to address this part of the tax gap. If you have 1099-K income, you need to understand what is happening. Here is a breakdown of the essentials.

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.

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. 

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 similar terms, tax avoidance and tax evasion have key differences that can help individuals and families make the best financial decisions for their situation.

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.