Tax audits can be stressful, but preparation makes the process manageable. The IRS has updated its audit selection methods, incorporating advanced technology and data analytics. Taxpayers can stay ahead by adopting strategies that ensure compliance and readiness....
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Year: 2024
How are crypto assets taxed across different jurisdictions?
Taxing crypto assets poses a big challenge for governments around the world. Cryptocurrencies like Bitcoin and Ethereum are gaining popularity, but their decentralized nature and ability to cross borders make them hard to control. Understanding the tax rules for...
What are the IRS’s new tax rules for gig economy income?
The rise of gig economy work, including freelancing, ride-sharing, and other contract-based jobs, has drawn the attention of the IRS. As more workers join the gig economy, the IRS increases its scrutiny, which impacts how workers report taxes and meet compliance...
How can taxpayers challenge IRS penalties related to late filing?
Taxpayers sometimes face penalties for filing their taxes late. These penalties can add up quickly, causing financial stress. Fortunately, taxpayers have ways to challenge these penalties if there is a reasonable explanation for the delay. Understand reasonable cause...
How does the IRS classify foreign income for digital nomads?
Digital nomads often earn income while traveling across different countries. Understanding how the IRS treats foreign income is crucial for tax compliance. The IRS rules can be complex, but knowing the basics helps digital nomads avoid penalties. What qualifies as...
How can self-employed individuals prepare for a potential audit?
Self-employed individuals face unique challenges when preparing for a potential audit. By staying proactive and organized, they can reduce the stress and risks of a tax audit. Maintain thorough documentation The most important aspect of preparing for an audit is...
How innocent spouse relief affects future joint tax filings
Filing for innocent spouse relief can have a significant impact on your future joint tax filings. The IRS protects individuals from their spouse's tax errors, like unreported income, if they were unaware of the mistake. However, while this relief can be a financial...
Federal tax lien withdrawal after partial payment
When you owe a tax debt to the federal government, the IRS may place a tax lien on your property to secure payment. A tax lien can complicate your financial situation by affecting your ability to sell property, secure credit, or refinance. If you've partially paid...
How many years can the IRS go back for unfiled taxes?
Dealing with unfiled taxes can be daunting. The length of time the IRS can review your tax history, known as the statute of limitations, varies depending on several factors. Understanding the statute of limitations For most tax returns, the IRS has three years from...
Considerations before an early payoff of IRS installment plans
Are you considering settling your IRS debt ahead of schedule? Many people find themselves in a situation where they owe taxes and opt for an installment agreement with the IRS to manage the repayment. However, circumstances can change, and you might want to clear that...