The Internal Revenue Service (IRS) is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue. The IRS is responsible for collecting taxes and the interpretation and enforcement of the Internal Revenue Code.The first income tax was assessed in 1862 to raise funds for the American Civil War, with a rate of 3%. Today the IRS collects over $2.4 trillion each tax year from around 234 million tax returns.
Posts about Irs
    • Ways to Reduce Your Estate Tax

      When you leave behind your estate to a loved one, you leave them a great gift. However, that gift comes with the burden of estate tax. If you want to lessen the burden on your loved ones, you should carefully plan out your estate wishes. With these techniques, you can reduce your estate tax. 1. Give annual gifts to your children and grandchildren In your will, you can choose to ...

      The Law Office of Jeremy Howe- 12 readers -
    • Charitable Giving as Part of Your Estate Plan

      When deciding what to include in an estate plan, consider the nature of your assets and property, who your beneficiaries will be, and any relevant tax implications. One thing many people neglect to consider is the opportunity to set up charitable gifts as part of their estate plans. Charitable giving can have many benefits for your estate. 14 readers -
  • Unsecured Debt in Chapter 13: How Much Must You Pay?

    … The amount you are required to pay back to your general unsecured creditors in a Chapter 13 Bankruptcy Case depends on various factors. It can range from only a few pennies on the dollar to a 100% of the debt. The amount required to be paid must be the higher of the "Means Test" (projected disposable income) and the amount of the chapter 7…

    Jordan Bublick/ Miami Bankruptcy Law Blog- 16 readers -
  • Lapsing of the Statute of Limitations in New York Foreclosure Actions

    …” letter, and not a passive act, such as accepting additional loan payments. Modification of the Mortgage Note If you have defaulted on your loan, your lender and many non-profit counseling agencies may recommend you consider “loan modification.” This modification can be accomplished if you declare bankruptcy, which triggers an automatic stay if your…

    Ronald D. Weiss, PC- 10 readers -
  • Concealed or Hidden Investment Fees? SEC Whistleblower Post

    … Last month, Legendary investor Warren Buffett took direct aim at fees investors pay. While most everyone agrees that an investment fund manager is entitled to make a profit, Buffett thinks that investors are paying too much in fees. We agree and also take issue with the prevalence of so many hidden investment fees. How can an investor question…

    Due Diligence- 12 readers -
  • My Government Whistleblower Case Was Declined, Now What?

    … declines to prosecute. The same is true under most state whistleblower laws. Other Types of Whistleblower Claims – FIRREA, SEC & IRS If the case is a FIRREA (banking fraud whistleblower claim), SEC or IRS whistleblower case, there is no right to pursue the claims once the case is declined. Unfortunately, the decline rates in these cases are also…

    Due Diligence- 13 readers -
  • Do I Have to Pay Taxes on My Car Accident Settlement

    … your settlement breaks down so you provide the IRS with an accurate amount and do not pay more taxes than necessary. What About Punitive Damages? You may have obtained punitive damages in addition to compensation for your medical expenses, lost wages, and pain and suffering. These damages are not meant to reimburse your or compensate you for any harm…

    Jared Staver/ Chicago Personal Injury Lawyer- 17 readers -
  • Do You Need to Worry About Estate Taxes in Missouri?

    …. Missouri Estate Taxes In part, Missouri statute 145.011 states that the tax rate “shall be the maximum credit for state death taxes allowed by Internal Revenue Code Section 2011.” In 2005, the IRS ceased to allow any state death tax credits, which brought the Missouri tax rate down to zero. As long as the IRS continues to disallow state credits, there… 19 readers -
  • Connecticut Man Pleads Guilty in Securities Fraud Scheme

    … Connecticut Man Pleads Guilty in Securities Fraud Scheme Posted on Monday, November 28, 2016 at 9:14 AM From the Desk of Jim Eccleston at Eccleston Law LLC: Christian Meissenn, also known as “Christian Nigohossian,” from Suffield, Connecticut pled guilty to one count of conspiracy to commit mail and wire fraud and one count of tax evasion…

    Eccleston Law Offices- 12 readers -
  • Accounting Today

    … Keep You Organized This Tax Season” offers some nifty tools, from QuickBooks Online to virtual helpers for appointments, meetings, passwords, documents and meals. Combat pay Taxing Subjects: In honor of the holiday just passed, a look at how our tax system honors veterans. Musings of a Burbank CPA: Reminding you to remind them of the 2016…

    Due Diligence- 32 readers -
  • SEC Fines Ex- LPL Broker for Churning

    … in misconduct such as churning. It appears that Lebel is no exception. Lebel’s first money problems began in 2007 and 2008 when he had a simple overdue phone bill. According to him, it was because of a divorce. That isn’t a big deal but a $51,000 IRS lien during that time period signaled larger problems. A series of subsequent tax liens through 2014…

    Due Diligence- 10 readers -
  • What Are White-Collar Crimes?

    … several elderly people and pretends to be an IRS employee. He tells these people that they must send $500 to a certain address to avoid home foreclosure. Alan has committed fraud by posing as someone else in order to obtain money. Identity theft is a crime which involves using identification materials belonging to another person in order to obtain…

    Matthew Sharp/ The Law Office of Matthew D. Sharp- 27 readers -
  • Benistar Founder in Jail – Finally (419 Plans Post)

    … and companies including Benistar, Nova Benefit Plans, Rex Insurance Services, U.S. Benefits Group, Benefit Plan Advisors and Grist Mill trusts. 1031 Exchanges The Internal Revenue Code (section 1031) allows the owner of property to defer capital gains taxes on any gain by rolling over the sale proceeds into a new property. These exchanges are often…

    Due Diligence- 15 readers -
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