April 15 is now in the past. Everyone can breathe a collective sigh of relief. In fact, for those people who have received their refund they might already be enjoying the fruits of that extra influx of cash. For those still waiting for their refunds to arrive, big plans could be in the works for that extra money. Either way, ... Read More
Tax News
Why the 2015 Tax Season May Mean Headaches for Filers
Many taxpayers see their stress level spike as the April 15th filing deadline gets closer, especially for those who are scrambling to get their return completed on time. A number of tax law changes that took effect this year may cause confusion for certain filers but it looks like there may be even bigger problems on the ... Read More
IRS Falls Short on Collecting from Delinquent Taxpayer
The last thing you want to find in your mailbox is a notice from the IRS telling you that you owe additional taxes. You could ignore it and hope it'll go away but chances are, Uncle Sam will try to collect on the taxes at some point. If you're worried about having your wages garnished or getting hit with a lien for unpaid taxes, ... Read More
IRS Taxpayer Bill of Rights Spells Out Consumer Protections
The federal tax code is complex and if you're not a financial professional, trying to make sense of it is often an exercise in frustration. When you have a tax question or issue that needs to be resolved, calling up the IRS for help can lead to more confusion. Part of the problem is that consumers often don't realize they're ... Read More
IRS Says Fewer Audits Add Up to $3 Billion Revenue Loss
The words "tax audit" are enough to send shivers down anyone's spine but this year, taxpayers have less to worry about. Thanks to budget cuts, the number of returns selected for an audit has declined sharply in recent years. According to the most recent IRS fiscal report, approximately 1.4 million people were audited in 2013, a ... Read More
Tax Scams Continue Even After Filing Deadline
April 15th has come and gone but that doesn't mean that tax scammers have closed up shop for the season. On the contrary, it appears that criminals are continuing to target unsuspecting taxpayers despite the fact that the filing deadline has already passed. The latest tax scheme involves callers who claim to the be IRS ... Read More
Tax Freedom Day Came Three Days Later in 2014 than 2013
Tax Freedom Day, the day when the nation has collectively earned enough to pay its total tax bill for the year. For 2014 this date passed on April 21st, which was three day later than last year. This means that the average American is paying more in taxes in 2014 than 2013. The Tax Foundation, a Washington, D.C. based research ... Read More
IRS Updates Dirty Dozen Tax Scams for 2014
Tax season is in full swing and that means it's prime time for criminals looking to take advantage of unsuspecting victims. Fraudulent tax schemes can take many different forms, oftentimes leaving taxpayers unaware that they've been duped until it's too late. Every year, the Internal Revenue Service compiles its "Dirty Dozen" ... Read More
Report: Health Care Law Fraud Likely Without IRS Changes
The official rollout of Obamacare is still a few weeks away but problems are already plaguing the new health care law. Reports of Americans losing their existing insurance coverage and technical issues with the federal health insurance marketplace website have been making headlines and now it appears that more trouble may be on ... Read More
Government Shutdown to Delay 2014 Tax Filing Season
The federal government shutdown created problems for millions of Americans and it looks like it will continue to impact taxpayers into next year. The IRS has announced that due to the shutdown, it expects the 2014 tax filing season to be delayed by up to two weeks. In an announcement issued on October 22nd, the IRS cited ... Read More
A Visual of Uncle Sam’s Progressing Addiction to Taxing & Spending
We recently completed an in-depth historical analysis of the United States tax collections and tax spending since 1940. The results of this analysis were alarming, to say the least. Over the past 74 years there have been significant increases in government spending and collections (taxes) on an individual basis. This upward ... Read More
IRS OKs Federal Tax Benefits for Married Same Sex Couples
In June 2013, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act, which denied federal recognition of married same-sex couples. The ruling effectively made married gay couples eligible for the same federal tax, health, and Social Security benefits as heterosexual couples but there were questions as to ... Read More
