TaxAudit Blog

Category: Tax Legislation and Updates

Tax Gap written on a Note

The tax gap is the difference between what the government actually collects in taxes versus what they should have collected to cover the real tax liability.

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Tax Deadline written on July 15th

With the July 15th tax deadline approaching, here’s what you need to know. (1) If You Need More Time, You Can Still File for an Extension (2) Pay What You Owe

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Stimulus Check

If you are currently under audit with IRS, you will still receive a stimulus check if your income falls within the eligibility limits.

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Man holding sign saying Stimulus Checks

Generally, yes. If you owe back taxes or have a payment agreement with the IRS, you will still receive a stimulus check if you are eligible to received one.

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American Flag with United States Treasury check and two $100 bills

President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill includes tax-related provisions for individuals and businesses.

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Calendar with April 15th marked as Tax Day

On March 20, 2020, U.S. Treasury Secretary Steven Mnuchin announced that the Treasury Department is extending the filing deadline for 2019 tax returns.

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Internal Revenue Service sign next to traffic light

Returns are being processed, and refunds are being issued. Things seem back to normal.

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Woman at desk with head down on tax forms, holding a pencil and calculator.

Below is a list of misconceptions and examples of misinformation taxpayers may encounter during the upcoming tax season.

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Shutdown

IRS Commissioner Chuck Rettig made it clear that the agency would be processing returns and providing refunds as scheduled, despite the government shutdown.

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Victory

Here is a list of some of the taxpayers who will generally benefit from the new tax law.

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tablet with tax words displayed on it

Many people will likely owe extra money as a result of inadequate withholding because the new withholding tables were not accurate.

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Tax forms and a calculator that says Tax Help?

TCJA (The Tax Cuts and Jobs Act). Not since the Tax Reform Act of 1986 has there been a more sweeping reform of the tax code.

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Alimony spelled out with blocks with a stack of money next to it

Divorces finalized after 1/1/19 no longer required the spouse receiving alimony to report the income, and in turn, did away with the deduction for the payer.  

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Tax Bracket

The new bill lowers some current tax rates, which changes the income thresholds at which the rates apply. Below is a comparison chart outlining the differences.

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IRS Volunteer

The IRS is searching for volunteers to lend a helping hand and to share some wisdom in their communities.

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Pencil pointing to the words Amount You Owe on tax form

Congress reauthorized the IRS to use private debt collection agencies, or PDC, to collect outstanding tax liabilities.

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Passport with Denied stamped across it

The IRS can request the State Department to revoke a currently active passport of a U.S. taxpayer with severely delinquent tax debt.

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Person walking down steps with arrows going different directions

President-elect Trump has listed a series of major changes and reforms that he aims to make during the first 100 days of his presidency.

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Person receiving fast food

The IRS is currently offering this cash payment alternative at participating 7-Eleven stores in 34 states.

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Man in swimming pool holding up trophy and Gold Medal

The IRS is well aware that the U.S. Olympic Committee pays medalists a cash bonus of $25,000 for winning gold, $15,000 for silver, and $10,000 for bronze.

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Tax Break written on a note

Congress extended most of the tax breaks which were set to expire at the end of 2015 and expanded a number of other tax provisions.

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Man working at desk holding a calculator

There is a lot of talk today in the press and on the campaign trail about corporate taxes. Where America stacks up in the world as far as corporate tax rates...

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$20 bill, American Flag, and Capital Building

In essence, the flat tax is a system of taxation where one tax rate is applied to some types of income with no deductions.

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Clock pointing the time hands towards the word TAX

Congress has slashed budgets and the results will be interesting, especially where the Internal Revenue Service is involved.

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Football Field

Sunday during the fall is a huge day of the week for many Americans. Namely, the sporting fiends with professional football fever. The National Football...

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US Flag background with money

The IRS and National Taxpayer Advocate Nina Olson announced the adoption of a new Taxpayer Bill of Rights.

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Supreme Court

This decision is likely to impact many taxpayers, particularly anyone expecting to inherit an IRA from a parent or someone else.

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Volunteers feeding food

Form 1023-EZ is a more streamlined process is available to small charitable organizations applying for 501(c)(3) tax exempt status.

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The Capital

Some of the more popular tax breaks the bill would have extended are the tuition and fees deduction; the state and local sales tax deduction...

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stack of large books

 It’s a long story that begins long before the arrival of the first Form 1040 Income Tax Return of Annual Net Income of Individuals...

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This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.