Billions in Unpaid Taxes Due to Unreported 1099-K Income January 09, 2021
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.
Tax Return and Payment Extensions for Victims of California Wildfires October 20, 2020
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.
IRS Offer In Compromise Acceptance Rate Falls 7.4% In 2019 to 32.99% June 29, 2020
The IRS released data recently on the Offer in Compromise (OIC) acceptance rate for 2019. The OIC acceptance rate decreased by 7.4% when compared to 2018. The dollar amount for all accepted OICs increased by 10.76% or about $28.1 million. That represents an average of $16, 177.86 per offer accepted. The number of offers submitted decreased by 4,902 or 8.3% when compared to 2018. This could be due to a strong economy in 2019.
IRS Coronavirus Tax Relief: Tax Filing, Tax Payment Deadline, and Other Changes March 30, 2020
The IRS changed many tax filing and tax payment deadlines in response to the coronavirus outbreak. The IRS launched the People First Initiative. As a result, Individual and business taxpayers have additional time to take the following actions:
How to Get Unclaimed IRS or State Tax Refunds February 19, 2020
According to the IRS, taxpayers across the country forget to claim nearly $1 billion in tax refunds every year.
