TaxCure Blog

It’s been a handful of years since the introduction of the 1099-K form from the IRS, and there is still confusion about how it should be handled. Even with the instructions from the IRS, many people don’t understand how to manage it, and that has led to headaches at tax time.

When the Powerball prize pot reaches epic proportions (currently, it’s sitting at $1.5 billion), we all start to dream big. Whether you go to the convenience store and buy a ticket, or whether you shake your head at those who do, the reality is that you’ve probably thought about what you’d do if you won all that money.

Recently, the IRS offered a new proposal for substantiating charitable donations. Right now, charities can simply send an appropriate letter thanking the donor for the gift, or offer a receipt for the gift (especially important for donations of goods).

It’s become a yearly ritual: Toward the end of the year, members of Congress put together a bill designed to extend tax breaks that have expired.

We’ve seen quite a bit of volatility recently in the stock market, and that has some investors a little rattled. While long-term investors view these types of downturns complacently, waiting it out for eventual gains over a period of decades, other investors end up selling low and locking in losses.

When it comes to the push and pull around taxes, many feel as though small businesses get left out. Small business owners are among the first to
tell you that they aren’t usually considered when lawmakers create tax policy. The 2015 Small Business Attitudes on Taxes survey was recently
released by Endurance International Group, and it takes a look at how small business owners feel about taxes and tax reform.

We all know the tax code is complex. In fact, many of us think that the tax code is needlessly complex. An annual study of the tax code’s complexity and its costs was recently released by the National Taxpayers Union Foundation (NTUF). This study takes a look at the costs associated with tax code compliance. The latest numbers indicate that the economy lost $233.8 billion, thanks to 6.1 billion hours of lost productivity, due to tax code compliance.

The main tax season has come to an end, and many consumers are waiting for their tax refunds. The average tax refund this year (with data through April 17) indicates that the average tax refund was $2,711. That’s not a bad chunk of change.

When we think of tax fraud, often our minds jump to activities like under-reporting income and overstating deductions and credits. Sometimes, we also consider fraudulent actions like identity theft. Many scam artists use others’ Social Security numbers to claim their refunds. However, another form of tax fraud is a concern to the IRS: It appears that people use old Social Security numbers to file taxes — and claim refunds.