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St. Louis Tax Law Blog

Can interest on federal tax debt be reduced?

There are many reasons why leaving a federal tax debt unaddressed for a long period of time can be very problematic for a taxpayer. One is that unpaid federal tax debts gather interest. This interest generally gathers daily. It applies to the underlying debt and the penalties and past interest connected to such debt.

One thing a person who has a tax debt that has accrued a good deal of interest may wonder is if there are ways to get interest amounts reduced.

Do Americans hate taxes?

Taxes can put burdens on a person. This is among the things that might lead some to assume that Americans, generally, hate taxes. However, data and research paint a different picture on how Americans view taxes.

For one, it appears that a large majority of Americans see paying taxes as a key part of their civic responsibility, particularly when they feel the money is being used in a good way. IRS survey data suggests that over 90 percent of individuals here in the U.S. see it as a civic duty to pay their fair share when it comes to taxes.

Statistics point to the IRS using a lot of outdated IT

IT systems play a role in many of the Internal Revenue Service’s actions, functions and processes. However, data suggests that a good portion of the IT systems the agency relies on are out of date.

The IRS’s goal is to have obsolete hardware and infrastructure make up no more than a quarter of its overall IT systems. Statistics from a Treasury Inspector General for Tax Administration report indicate that the IRS is currently quite a ways off from this goal.

Study: A lot of side gig income going unreported

Among the things that can pose significant problems for a taxpayer is being accused of failing to report income to the Internal Revenue Service. Such accusations could leave a taxpayer facing significant monetary penalties and other impactful consequences.

Allegations of failing to report income can come up over a wide range of things, as most types of income are required to be reported to the IRS. Generally, this includes income from side gigs.

Understanding one’s options important in small business tax matters

Understanding what options they have when it comes to tax matters can be very important for small business owners. Having an incomplete picture of such options could cause an owner to inadvertently act in a way not consistent with their financial best interests.

One area for which this is the case is deductions and credits. Not being aware of what options for deductions or credits they could qualify for could cause a business owner to miss out on potentially helpful tax benefits.

Bill would put new limits on structuring-related IRS seizures

Among the very impactful actions the IRS sometimes takes against individuals is seizing their assets. There are a variety of situations in which a person could be facing an IRS asset seizure.

An important thing to know when facing the potential of an IRS seizure is that there are rules and limits the government is subject to when it comes to such actions. So, when issues related to IRS asset seizures come up for a person, they may want a tax lawyer’s guidance on what rights they have related to the seizure, what options they have if they feel their rights have been violated and what they can do to try to protect their interests in response to the seizure and the issues underlying it.

There are tax credits for higher education expenses

Individuals may have many goals related to higher education for themselves and their family. Meeting these goals can have a lot of expenses connected to it, particularly in today’s world where higher education costs can be quite high.

So, it can be important to be aware of what sources of financial relief one might have access to in relation to such expenses. One form of relief a person might have available are certain tax benefits. In U.S. tax law, there are two main tax credits for higher education expenses.

IRS may be turning to new tools in bitcoin enforcement efforts

Sometimes, the IRS will put special focus on certain things when it comes to tax enforcement. One area that has been getting increased IRS attention lately is the buying and selling of digital currencies, such as bitcoin. Particularly, the IRS has been on the lookout for people avoiding paying taxes on gains made buying and selling such currencies.

So, it is possible for digital currency users to fall under IRS scrutiny. IRS scrutiny could in some cases lead to a person facing serious allegations, such as accusations of tax evasion. When a person has been accused of evading taxes in relation to digital currency sales or other taxable financial activity, their future can be greatly affected by how they respond to the accusations. Skilled tax attorneys can help individuals navigate the issues and processes related to responding to such a situation.

Paying proper attention to tax issues important when starting a business

A business can be in a vulnerable position as it is just getting started. Financial shocks could imperil a new business’ future survival.

Among the things that could expose a new business to financial shocks are tax problems. When the Internal Revenue Service claims that an entrepreneur made mistakes or acted improperly in relation to tax matters connected to a new business, the new business could be exposed to a range of IRS actions with the potential to impact it considerably financially.

Tax issues related to gambling

Many things in our world can have tax implications. This includes how lucky a person proves to be when they gamble. In today’s post, we will talk about a couple of the big tax issues that come up in connection to gambling.

One such issue is reporting winnings. Gambling winnings are taxable income. So, taxpayers are required to report winnings to the Internal Revenue Service. What if the thing a person wins isn’t money, but is instead some other type of prize, such as a car? In the case of non-cash prizes, taxpayers are to report the prize’s fair market value.

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The Law Firm of Lance R. Drury
150 Merchant Street
Ste. Genevieve, MO 63670

Phone: 314-200-0003
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