IMPLEMENTATION OF THE NEW IRS TAX LAW The new IRS tax law was officially implemented at the beginning of the year 2020. People were advised to conceal overseas financial accounts or they would face heavy fines. On December 31, 2019, the IRS ended its long-term grace period for the Overseas Account Tax Act (FATCA). The [...]
HOW TO PROPERLY DEAL WITH TAX INVESTIGATION BY THE IRS In the life of every taxpayer, it is possible to be taxed at least once by the IRS. Generally, the taxation population of the IRS is 1% of all taxpayers. Of course, everyone is unwilling to be taxed, but this is not within the taxpayer’s [...]
POSITIVE IMPACT OF TAX CUTS ON LOW-INCOME PEOPLE Evaluating the effects of tax cut policies and clarifying the impact of tax cuts on the economy and society is an insightful discussion in today’s academic institution. According to income division, high-income people receive a greater amount of tax reduction because they have higher income and more [...]
HOW TO APPLY FOR TAX REFUND FOR EXCESS WITHHOLDING TAX IN ANOTHER COUNTRY The Internal Revenue Service stipulates that non-U.S. citizens, resident sellers must pay 15% of the house sales price as a withholding tax when selling a house. But we know that withholding tax is not really a tax to be paid, [...]
PROS AND CONS OF IRS INSTALLMENT PLANS If you are an individual or business owner with significant tax debt that you are financially unable to pay, you may be eligible to enroll in an installment agreement with the Internal Revenue Service. An installment agreement is essentially a payment plan that enables you to pay [...]
IRS stands for National Internal Revenue Service and allows taxpayers to repay debts little by little through installment agreements. Since the taxpayer repays the debt through an installment agreement, interest may also need to be paid. The interest rate is usually between 8 to 10% a year. Therefore, if a taxpayer has money to pay [...]
MAJOR TAXES IN THE UNITED STATES There are many taxes in the United States but we will take a look at the major ones which are large sources of the federal revenue. INDIVIDUAL INCOME TAX Personal income tax is one of the Major Taxes heads in the United States. According to different levels of collection, [...]
Most filers eventually get their taxes returned to them every year. But what if you land in the opposite scenario? If you owe the IRS money and the amount is too large and you do not understand the idea of paying back the money. If you are staring at a serious tax payment, it is [...]
The shutdown of the Economy caused by the on-going pandemic brought about a heavy blow to both companies and individuals, so the United States Internal Revenue Service (IRS) launched a series of financial rescue plans. Recently, the United States Internal Revenue Service launched three new tax credits policies specifically designed to help companies survive the [...]
HOW TO FILE FORM 4868 We will be looking at when and how to get more time to prepare personal and business taxes. WHAT IS IRS FORM 4868? IRS Form 4868 is an IRS extension form that you will have to file with the IRS when you are required to file a federal tax return [...]
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