Tax season is just around the corner. As we get our tax filings in order, it is important to keep in mind the dangers of tax refund fraud. This practice is on the rise in recent years. As noted in a piece in The Huffington Post, the reliance on digital technology likely plays a role incontinue reading…
Avoid IRS tax penalties with these tips
Tax penalties can apply in a number of situations. One example involves a failure to pay enough taxes during the year. Generally, a taxpayer should account for at least 90 percent of an individual’s tax obligation through withholdings. A failure to do so can result in penalties. The Internal Revenue Service (IRS) has encouraged taxpayerscontinue reading…
Drive for Uber? Sell on Etsy? Tax tips for the sharing economy.
The term “sharing economy” refers to those who provide goods or services through online platforms. The options for employment in this market are seemingly endless. Some offer transportation services through Uber; others sell homemade goods on Etsy. The platforms that offer employment in this market are alluring for a number of reasons. One of thecontinue reading…
Does the IRS discriminate in its tax practices?
The Internal Revenue Service (IRS) was recently accused of discriminatory practices. In Linchpins of Liberty v. United States of America, a group of plaintiffs allege that the agency intentionally delayed the approval of their tax-exempt status. How did these groups build a case against the IRS? One of the linchpins for the case is the fact thatcontinue reading…
When charitable organizations get an unexpected tax bill
It can be difficult for entrepreneurs and humanitarians to put together businesses to benefit society. There are a few perks that are present to help encourage these endeavors. One of the main perks: exemption from taxation. How can an organization qualify for exemption from taxation? Charitable organizations operate under the rules provided by the Internal Revenuecontinue reading…