Losses that are carried back are carried to the earliest of the tax years to which the loss may be carried first.
Not everyone is eligible and in some cases filing a tax return is required.
The IRS says that if the statutory period is not set to expire during 2020, the IRS is unlikely to pursue the foregoing actions until at least July 15, 2020.
All taxpayers and businesses have this additional time to file and make payments without interest or penalties.
Any Form 1099 sent to you goes to the IRS too.
The IRS says part of the reason it is making these visits and publicizing them is to make all the rest of the American taxpayers who are playing by the rules and paying their taxes feel better...
Tax savvy people may recognize it as similar to the foreign account question included on the Schedule B. The question could set you up for big penalties or even committing perjury for checking the...
With over half our returns being prepared by someone else, it is no wonder that many taxpayers may feel tempted not even to look at their tax returns. That would be a big mistake.
As all the forms descend this time of year, there are key things to know.
Merely invoking the Fifth in a tax case can invite penalties or get the IRS looking more harshly at you.
If you have a legal right to payment but decide not to receive it, the IRS can still tax you now, even if you are actually paid next year.
If you have a corporation—one that you formed or inherited—should it be an S or a C corporation?
How fire victims are taxed can be pretty surprising.
The state income tax collector has a fearsome reputation, so even if you live somewhere else, you might have heard of the Golden State’s aggressive tax rules.
As the vast wild frontier of different coins, exchanges, forks and hard forks has been percolating, the digital community has been anxious for more IRS guidance.
The government usually gets the data, and it does not like to have to sue to collect it.
At tax time, you should think about all the income you collected for the prior year, but it’s wise to worry about these issues all year long so you try to steer clear of problems.
The IRS usually can audit for three years after you file, but there are many exceptions that give the IRS six years or longer.
Under the new law, California workers could generally be considered independent contractors only if the work they do is outside the usual course of a company’s business.
The IRS can be unforgiving, and taxes impact nearly every type of transaction, including legal settlements.