The IRS Raises Exempt Limits On Gifts and Estates. Here’s How Much You Can Donate Without Paying
The proverb goes that giving is more noble than taking and transferring assets to cherished ones during your lifetime is an excellent method for them to immediately benefit from them and for you to take pleasure in witnessing their improvement. As a result of the Internal Revenue Service’s (IRS) unprecedented increase in the limits for […]
Understanding Your IRS Negotiation Options
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.26.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”] If you have ever attempted to contact the IRS by phone, you are likely familiar with the seemingly interminable wait times and multiple transfers that frequently result in frustration. Imagine attempting to negotiate […]
IRS Shares New Crypto Tax Form, Invites Industry Input
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.26.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”] Out of an earlier version, the new U.S. tax form for crypto investors’ brokerage accounts has been significantly shrunk. For those paying U.S. crypto taxes, crypto’s 1099 form will “bring more ease and […]
Three Tax Credits That Are Raising Alarms With IRS
The IRS is alerting taxpayers that if they claimed any of three particular tax credits, they might need to make changes to their returns. It’s possible that many Americans were misled by dishonest tax preparers or false information on social media, making them believe they were eligible for tax refunds provided by the credits. But […]
8 Common IRS Tactics You Need To Know
The Internal Revenue Service (IRS) has earned a formidable reputation for tax collection and pursuing taxpayers who fail to comply. Nevertheless, at Cotts Law, we help you become familiar with the widespread misunderstandings regarding the magnitude of their capabilities and the gravity of the threats they may present. This article aims to elucidate prevalent IRS […]
IRS Delays Reporting Rules For Users Of Venmo, Cash App, And Other Payment Apps
Navigating tax obligations can be complex, especially with evolving regulations. Recent changes in Venmo tax reporting and cash app file tax requirements have left many users uncertain. Fortunately, the IRS has announced a delay in implementing new reporting rules, providing taxpayers with more time to understand their responsibilities. Here’s what you need to know, brought […]
Navigating the 2024 IRS Tax Bracket Changes: What It Means for Your Wallet in Texas
Introduction: As we enter the tax year 2024, the IRS has unveiled a new set of tax brackets, bringing changes that will significantly impact your financial situation in Texas. These alterations have been introduced to address concerns related to “bracket creep” and account for economic factors, including inflation. In this article, we will delve into […]
Common Frustrations When Dealing with the IRS over Back Taxes
[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.26.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”] It can be intimidating and unpleasant to deal with the IRS, particularly if you’re trying to settle a sizable tax bill on your own. Many taxpayers are caught up in a maze of […]
IRS Reports: Gap in U.S. Taxes Owed vs. Paid Continues to Grow
The Internal Revenue Service (IRS) has recently unveiled some alarming statistics that have far-reaching implications for both tax compliance and government revenue. In 2021, the IRS estimated a colossal $688 billion gap between the taxes owed and the actual IRS debt collection. This marks a staggering 72% increase since 2014 and shines a spotlight on […]
Gig Workers on the Radar: How Contractors Can Lower Their Risk of an IRS Audit
Many workers are now in a completely different scenario as the transition from traditional employment to self-employment and business ownership keeps moving forward. As more people turn to gig labor, freelancing, and self-employment, the IRS has taken note, and its auditors and agents are now paying closer attention to these brand-new small business owners. Less […]