TIGTA Audit Reveals Issues With How IRS Handles Requests for Appeals Hearings September 18, 2019
Established in 1998 to provide independent oversight to the Internal Revenue Service (IRS), the Treasury Inspector General for Tax Administration (TIGTA) regularly audits IRS processes. In September 2019, the group completed an audit of various aspects of the IRS appeals hearing process. The TIGTA found several mistakes that are worrisome for taxpayers.
Why Is My Tax Return Refund Split Into More Than One Check? May 02, 2019
When you filed your income tax returns for the past tax year, your tax preparer or the software program you were using probably gave an estimate of how much money you would receive back from the government. You were likely very excited to receive your tax refund. You may have planned precisely how you were going to spend it.
Why Private Collection Agencies Present Unique Dangers to Taxpayers April 05, 2019
Private collection agencies are now being assigned to collect selected delinquent accounts for the IRS. These agencies have placed some taxpayers in such stressful positions that it is hard for them to meet their living expenses. If the IRS assigns your account to a collection agency, you should receive notice CP40 or CP140. Do not speak to anyone from the collection agency until you have verified their information using the details on these letters, and also make sure that you verify that these notices are really from the IRS.
Tax Breaks and Essentials for New Widows March 21, 2019
Losing your partner can be emotionally debilitating, and on top of dealing with that aspect of the loss, you also have to handle numerous financial issues. Wondering how becoming a widow affects your income tax situation? Here’s a look at some of the essentials.
Final Regulations for the Pass-Through Section 199A Deduction Arrive Right Before Tax Season February 01, 2019
The sweeping changes of the Tax Cuts and Jobs Act (TCJA) that went into effect at the beginning of January 2018 included a 20% pass-through deduction to non-corporate taxpayers with “qualified business income.” What is known as the “pass-through rules,” taxpayers can find them in 26 U.S. Code § 199A – Qualified Business Income (QBI). The purpose of § 199A was to give individuals with qualified business interests a break similar to the 21% income tax bracket enjoyed by C corporations, which are taxed as separate entities. 26 U.S. Code § 199A will expire in 2026 unless extended.
