The whistleblower program, established by the IRS in 2006, has been instrumental in recovering more than 13 billion dollars for the U.S. Treasury between 2007 and 2020 and has prevented millions of additional tax dollars from being lost to fraud. The whistleblower provisions are found at...
Image source: https://edition.cnn.com/2016/04/21/entertainment/prince-dead-obit/index.html The musician the world would eventually come to know simply as Prince and later called the Artist Formerly Known as Prince was born Prince Rogers Nelson in Minneapolis in 1958. Prince’s career spanned more than four decades, during which he released 39 albums. He ranked...
Many taxpayers aren’t aware of the IRS’s 10-Year Statute of Limitations. Naturally, the IRS doesn’t advertise its 10-year rule for forgiving debt to prevent taxpayers from thinking that waiting it out is a way to avoid paying taxes legally. Under this rule, the IRS can...
There are various reasons why the IRS may audit you, including checking income discrepancies and deduction claims. Or you’re simply one of the unlucky ones that the IRS chooses for an audit randomly. Whatever the reason you’re being audited, it’s understandable to feel nervous about...
Married couples have the option to either file their federal tax returns separately or jointly. Some couples choose the Married Filing Separately option despite limiting their use of potentially valuable tax breaks such as the Earned Income credit, deduction of net capital losses, tax-free exclusion...
