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
    • Tax Identity Theft Awareness Week January 29-February 2

      It is tax time. The tax scammers are gearing-up. Learn how to protect yourself during Tax Identity Theft Awareness Week January 29-February 2, 2018. Tax identity theft occurs when a person uses someone else’s Social Security number to either file a tax return and claim the victim’s refund, or to earn wages that are reported as the victim’s income, leaving the victim with the tax bill.

      Prince Law Offices, P.C.- 11 readers -
  • Charitable Giving as Part of Your Estate Plan

    … would you rather do—give money to your favorite charity or give that money (and possibly more) to the IRS? An estate planning attorney can help you select the best options for setting up charitable gifts for your situation. Some ways of gifting include: Charitable trusts – You can form a trust for the purpose of charitable gifts. Upon your death… 12 readers -
  • Ways to Reduce Your Estate Tax

    … family can pay less. 7. Qualified family-owned business interest If you own a family business, you may want to consider this technique. You can deduct a family-owned business interest from your total estate value. However, the IRS is very strict. For it to qualify for an exemption, your business needs to meet certain conditions. Here are some…

    The Law Office of Jeremy Howe- 15 readers -
  • Charitable Giving as Part of Your Estate Plan

    … death. This can provide you an income stream as well as an outlet for charitable giving. Giving away assets – Many people who have complex estate plans have different types of appreciated assets. If those assets were sold, the appreciation would generally be subject to a capital gains tax on the estate. However, if appreciated investment portfolios… 15 readers -
  • Unsecured Debt in Chapter 13: How Much Must You Pay?

    … is based on the income for the six months period prior to the filing of the bankruptcy case. If the income changes, higher or lower, the new figure may be required to be used. The expenses used in these test are not your actual living expenses, but they are amounts based on the IRS collection standards for certain items and actual mortgage and car loan…

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

    … Foreclosure Attorney to Discuss the Status of Your Mortgage Note In summation, a lender can affirmatively stop the statute of limitations from running following acceleration if it engages in some affirmative act to either decelerate or modify the terms of the loan prior to the statute’s expiration. However, New York courts have discretion…

    Ronald D. Weiss, PC- 12 readers -
  • Concealed or Hidden Investment Fees? SEC Whistleblower Post

    … hide their fees. They don’t want to be transparent. If investors knew about these hidden fees, they might invest elsewhere. A recent survey by Rebalance IRS found that 46% of baby boomers incorrectly believed that they paid no fees on their retirement accounts. Another 19% erroneously believed they paid .05% or less in fees. The average investor…

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

    … on the wrongdoer (the defendant). Some judges, however, dramatically reduce that time. When the case is declined, many lawyers will not wish to go forward. If you are reading this post, chances are you find yourself in that predicament. Our first advice is to begin contacting lawyers who are members of TAF. Short for Taxpayers Against Fraud, TAF…

    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… 20 readers -
  • Connecticut Man Pleads Guilty in Securities Fraud Scheme

    … of the securities for profit, earning approximately $4.4 million through the scheme. Meissenn also failed to report the income to the IRS, which came out to a total of $1.5 million in federal income taxes. According to the U.S. Attorney’s Office, Meissenn could face up 20 years in prison for the wire fraud and up to five years in prison for tax evasion…

    Eccleston Law Offices- 12 readers -
  • Accounting Today

    …: “a mixed bag of goodies and sillies.” Don’t Mess With Taxes: Expats are on the rise, according to the IRS. That and the timing of the recent presidential campaign and still-smoldering election is purely circumstantial. Tax Vox: Politics makes strange bedfellows indeed when the fossil fuel industry worked with progressive advocacy groups and even…

    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 -
Get the top posts daily into your mailbox!