Now that we are over a week removed from Tax Day 2017, people throughout Tennessee and across the nation are officially breathing much easier. Indeed, those who put filing their returns off until the eleventh hour have likely already forgotten about the last minute dash to their accountant's office or the post office, and instead focused their thoughts on a much-needed return.
A few weeks back, our blog began discussing how the Fixing America's Surface Transportation Act of 2015 contained a little known provision calling upon the IRS to begin working with the State Department to revoke, deny or otherwise limit the ability of individuals with "seriously delinquent tax debt" to use passports.
Six years ago, the Government Accountability Office, the independent congressional watchdog tasked with helping "improve the performance and ensure the accountability of the federal government," released a rather eye-opening report examining the feasibility of leveraging passports as a tax collection tool.
It may seem impossible to believe, but the 2017 tax filing season officially began last Monday, meaning the countdown to Tuesday, April 18, 2017, this year's deadline for filing 2016 tax returns, has officially begun.
A few weeks ago, our blog started discussing how the Internal Revenue Service typically views the majority of tax return oversights as being the product of careless errors -- provided no signs of willful evasion are present.
While it might seem strange to be talking about the much-dreaded chore of doing your taxes with Thanksgiving only days away, it actually won't be long until many people find themselves camped out in front of their computer or at their kitchen table trying to make sense of a myriad of arcane tax regulations.
When a person enduring serious financial troubles receives a letter from the Internal Revenue Service demanding payment for a past-due tax debt, it can prove to be incredibly distressing. That's because unlike the typical creditor, the IRS has both vast resources and significant enforcement options at its disposal.
When a person is experiencing serious and sustained financial difficulties, chances are good that they will eventually start to see the pile of unpaid bills grow and the correspondence from creditors begin in earnest.
The U.S. government will soon be able to revoke passports from those who haven't paid their taxes, and prevent those who are delinquent from obtaining a new one. Congress will implement this new law in December, targeting those who owe $50,000 or more in unpaid taxes. There are some exceptions, however, for Americans travelling for humanitarian purposes or those who are on an IRS payment plan or currently contesting a tax case in court.
If you're online, you may be one of more than 1.39 billion people whose first website to check is Facebook. You may have the app downloaded on your phone or tablet, or you might have your phone set to notify you with any "likes", comments, or messages. With so many Facebook users, it's easy to understand why the social media giant made over $2.9 billion in 2014. It's more difficult to understand why they only paid a little under $7,000 for their UK corporation tax bill.