Taxes

Closing the Tax Gap

Closing the Tax Gap

About 82 percent of individual and business taxes due are paid voluntarily and on time. But not all taxpayers pay all they owe. Thus, the IRS is under pressure from Congress to close the tax gap—the difference between taxes due and taxes paid voluntarily and on time. The IRS can do a better job, but only if Congress gives it the resources it needs.

How Lawsuit Settlements Are Taxed?

 How Lawsuit Settlements Are Taxed?

Many plaintiffs win or settle a lawsuit and are surprised they have to pay taxes. Some don't realize it until tax time the following year when IRS Forms 1099 arrive in the mail. A little tax planning, especially before you settle, goes a long way. It's even more important now with higher taxes on lawsuit settlements under the recently passed tax reform law

IRS promotes disaster readiness and Hurricane Preparedness

IRS promotes disaster readiness and Hurricane Preparedness

The 2019 hurricane season begins in June and the IRS joins the National Weather Service during Hurricane Preparedness Week, May 5-11, by encouraging everyone to update or make an emergency plan.

Never Postpone Taxes! 3 Common Mistakes to Avoid During Tax Season

Never Postpone Taxes! 3 Common Mistakes to Avoid During Tax Season

Taxes are something you should never postpone! If you need time, file an extension and try to do estimated payments :)