Everyone makes mistakes from time to time. When those mistakes happen during tax time, they can result in trouble with the IRS. Fortunately, it may be possible for a Missouri resident to amend the income tax return containing the error or errors, with minimal or no repercussions.
Many people in Missouri and across the country find the tax code of the United States to be overwhelmingly difficult to fully understand. As a result, it is understandable how some could overlook something or make a mistake. Unfortunately, some people could find themselves the subject of an IRS investigation as a result.
Anyone in Missouri who has filed their own taxes is likely aware of the complications associated with the process. For many, the idea of making a mistake is nerve-wracking. Unfortunately, the threat of being under an IRS investigation is even more difficult.
Most everyone in Missouri recognizes the importance of taxes and the many things that paying them provide for those who live in the United States. Despite this knowledge, the process and laws surrounding the Internal Revenue Service, or IRS, can be overwhelming. Unfortunately, a man in another state is likely facing a stressful time after he was indicated on multiple tax charges.
If you have student loans like so many other Missouri residents do, then you are probably familiar with the term "deferment," which allows you to postpone your loan payments for a specified period. Did you know that the IRS has a similar option? Of course, the criteria for receiving a deferral from paying your taxes are much more stringent than it is for your student loans.
Federal taxes are due on April 17 this year, but those extra two days won't help small business owners fix a looming tax bill. If you haven't set aside enough to pay your business's income taxes, what can you do?
The Internal Revenue Service is set to have a new leader at its helm-and for the first time in several years, the candidate will have a background in tax law. Several news outlets have reported that President Trump is allegedly preparing to nominate California-based tax lawyer Charles Rettig to serve as the commissioner of the IRS.
Over the past year, cryptocurrencies like Bitcon and Ethereum have soared in popularity. Once an underground trend known only to a select few investors, cryptocurrency is now better known than ever. But as more people choose to invest in Bitcoin and other cryptocurrencies, they are encountering an issue that they probably hadn’t thought about: How to pay taxes on it.
The Internal Revenue Service’s Criminal Investigation Division (CI) has released its annual report detailing the investigation of tax-related criminal activity. Every year, the agency releases this report in order to highlight its major accomplishments in pursuing financial crime. This year's report shows a decrease in the number of cases that the CI was able to investigate, but a remarkably high conviction rate for the cases that it did pursue.
The nation is currently facing a massive tax overhaul at the national level, and so is Missouri in its state legislature. Two proposals currently in the Missouri House and the Missouri Senate aim to significantly overhaul the state’s tax code. Notably, the legislation would increase tax cuts, cap several tax credits and decrease state revenue by over a billion dollars.