Taxpayer asks: Can I reduce or eliminate taxes from civil suit and punitive damages winnings by immediately investing in a home? Taxgirl says: Unfortunately, no.
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IRS Puts Hold on Some Automated Return and Collection Notices
Earlier this month, the IRS announced that it would put a temporary hold on automated collection notices, unfiled tax return notices, and balance due notices
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Making Sense of Tax Season in 2022
The pandemic has brought on many changes in the last few years, and these changes have impacted the tax season in 2022. What challenges and
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Returns and Refunds During the 2022 Tax Filing Season
Next week, hopeful taxpayers will begin checking bank accounts for tax refunds. Tax season opened Jan. 24, 2022, and the IRS says most taxpayers who
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How to Understand, Mitigate, and Defend Tax Penalties
In September, there were still about 17.6 million tax returns awaiting processing, and the IRS anticipates receiving over 4 million more returns in October. The
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IRS Churning Out Math Error Notices, Frustrating Taxpayers
Over the past year, the IRS has been slow to process tax returns but has appeared to continue to issue notices – especially math error
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How To Shrink The $1.4 Trillion Tax Gap
The IRS estimates that around 85% of taxes are paid voluntarily and on time. But the tax gap, the difference between the taxes paid on
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Working From Home Tax Issues: How Covid Complicates Tax Filing
The coronavirus pandemic has impacted everyone in different ways. While it has been difficult over the last year, filing your taxes could prove to be
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Tax Whistleblowers: The Ins And Outs Of Reporting Tax Fraud
Tax fraud is serious business and the IRS is looking for help to crack down on it. Paying IRS whistleblowers a reward is one of
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Free Tax Help Will Be Available In 2021
Traditionally, taxpayers who need assistance during the tax season can find programs that fit their needs. Unfortunately, due to COVID, 2021 already looks challenging. But
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