IRS Settlement

Tax debt can be an overwhelming burden for individuals, but failure to pay or underpaying tax liability is not the answer. Failure to pay tax debt can lead to hefty penalties and interest charges. ...

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What Expenses Can I Deduct if I Am Self Employed?

If you own or operate your own business, the IRS allows you to deduct certain expenses related to your business.  The IRS has a specific definition about what expenses you can deduct.


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Bridge Repairs by Inexperienced Chinese Firm Cost Taxpayers Millions

California taxpayers are feeling the loss today after state officials revealed they had to spend millions in additional taxpayer dollars to repair the San Francisco-Oakland Bay Bridge after paying a Chinese firm to perform the work.


Protecting Your Tax Records in the Event of a Natural Disaster

A natural disaster that damages or destroys documents that support a taxpayer’s federal income tax return can mean a lot of extra stress of a taxpayer.  Without the appropriate documentation to support expenses and other deductions, the taxpayer may find in some cases that the IRS will disallow claims for casualty loss.


Washington D.C. Plans Tax Changes, Affected Businesses Protest

Last week, the Washington D.C. City Council approved various tax changes that would reduce income tax.  However, certain businesses affected by the tax changes are now protesting the planned changes.


Sale of Los Angeles Clippers Carries Enormous Capital Gains Tax Bill

Shelley Sterling, the wife of Donald Sterling, has accepted an offer to sell the Los Angeles Clippers to Steve Ballmer for $2 billion dollars.  However, the financial windfall for the Sterling family brings with it a very large tax bill.


Indexing of Gas Tax to Inflation Key Issue in Massachusetts Elections

In 2013, the Democrat-controlled state legislature voted to index the tax rate on gasoline to inflation.  A gas tax indexed to inflation could mean the tax increases as often as annually depending on changes with the U.S. Consumer Price Index.  Democrats running for state Legislature seats may learn the cost of that tax in the elections this fall.


Federal Employees Set Poor Example, Owe $3.3 Billion in Back Taxes

The Internal Revenue Service (IRS) published data this week showing that employees of the federal government owe more than $3.3 billion in back taxes.


Swiss Bank Pleads Guilty to Helping Americans with Tax Evasion

Credit Suisse, the second largest Swiss bank, plead guilty on Monday to criminal charges stemming from helping Americans hide millions of dollars for the purpose of tax evasion.  As part of entering the guilty plea, Credit Suisse agreed to pay fines totaling $2.6 billion.


California Considering Tax for Drivers Based on Mileage Driven

California made headlines earlier this month with the announcement by Toyota that it would move its national headquarters from Torrance, California, to the city of Plano, Texas.  The move by Toyota has increased cries against the state’s anti-business practices, as it takes approximately 3,000 jobs and an estimated $475 million in annual property tax revenue from a state sorely in need of additional income.

The state is again in the news related to automobiles.  However, in this case, the headlines are not related to California’s unfriendly business policies that sent Toyota packing.  Rather, the news concerns state legislators who are considering a measure to tax drivers for every mile they drive.


IRS Gave Over $13 Billion in Tax Credits to Unqualified Individuals

A report released by a government investigator on Tuesday noted that the IRS paid tax credits totaling more than $13 billion to individuals who did not qualify for the payments.


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