Tax season can have its challenges for any type of taxpayer. However, when a taxpayer owns a small business, there is a whole set of added potential headaches they can be facing.
When a person has a large federal tax debt, they may feel like their situation is hopeless. However, there are avenues and options out there for addressing such debts. Offers in compromise and installment agreements are a couple examples of options a person with a tax debt may be able to pursue. Skilled tax lawyers can help taxpayers understand what routes they could pursue given their particular tax debt situation. They can also provide taxpayers with support, guidance and advice throughout the process of working to resolve a tax debt.
The Internal Revenue Service only audits approximately 1 percent of all individual tax returns the agency receives each year, but there are certain red flags that could make yours more likely to be chosen.
Those who like to try their luck at slot machines, as well as the gaming industry as a whole, received something of an early gift during the holiday season courtesy of the Internal Revenue Service.
An entertainer in Branson, Missouri, has been sentenced to five years' probation on charges of tax evasion. In addition, the star of "Six" has been ordered to pay over $200,000.