Maybe you earned a very competitive salary at the height of your career and employed an aggressive accountant who claimed to legally minimize your tax obligations. You felt pleased with the results of their work, and you had no reason to question their professional...
Tax Law
How shared child custody arrangements could lead to tax issues
For the average parent considering shared custody, their concerns focus primarily on access. They want to get to see their kids on birthdays or ensure that they can attend basketball games. If you don't address all of the right terms, especially if you handle your...
Will you need to attend a meeting during an IRS audit?
An audit will typically mean a careful review of your financial records and tax return filings. If there are serious issues, the Internal Revenue Service (IRS) could determine you owe unpaid taxes, and they could even pursue criminal charges in extreme cases. Audits...
Will your NFT trades result in an income tax audit?
Digital assets are more popular than ever, and more easily accessible than they were just a few years ago. More people have begun to buy them as unique property and as potential investments. While some people invest in digital currency, others invest in unique digital...
What every non-filer should know about their taxes
Depending on your income and history working in the United States, you may be someone who rarely or never pays taxes. While it’s completely acceptable not to pay taxes under some circumstances, you still need to file a tax return in most cases. Failing to file a tax...
Aiding and abetting false returns sends tax professionals to jail
Working in finance can be a great, stable career. People will always need someone to manage their retirement investments and file their taxes. Becoming a certified public accountant or a tax preparer can be a great way to start a financial career. However, a career in...
3 behaviors that could constitute tax evasion and lead to charges
Every individual and business in the United States has to pay taxes on their income. Although some taxpayers can reduce or even eliminate their tax obligations using tricky accounting, such practices sometimes cross the thin line between tax avoidance and tax evasion....
Tax liens and levies: what’s the difference?
People usually confuse tax liens with levies, but they are not the same. The Internal Revenue Service (IRS) issues tax liens and levies when a person fails to pay their tax debt. However, a lien is the government’s intention to seize your property, whereas a levy is...
What to do if your spouse cheated on taxes
You found out that your spouse was cheating on taxes, and now the Internal Revenue Service (IRS) is holding you liable for a tax understatement. If you file for taxes jointly with your spouse, the law makes both of you responsible for the tax liability, even if you...
Should computers decide who gets audited?
The last two decades have seen amazing advances in technology and computer science. With machine learning and artificial intelligence leading the way, many tasks can be reliably assigned to computer programs to complete with only a small amount of human oversight. The...