In order for a rollover into a traditional IRA to be tax deferred, the funds must be deposited into the account within 60 days from the date of distribution from the prior retirement account.
You may not always be required to pay back your debts in full. It is not wholly uncommon for a debt to be forgiven or otherwise discharged – a creditor may fail to collect, discontinue attempts to collect or outright forgive your debt for whatever reason – thus leading to a cancellation of the debt in the amount specified.
Concerns from the 2016 National Taxpayer Advocate Report – IRS Application of Allowable Living Expense Standards
Did you know that if you file a joint income tax return with your spouse it’s possible to lose your refund? When your spouse has outstanding tax debts prior to your marriage or from filing a separate return during your marriage, the filing of a subsequent joint return places any tax refund in jeopardy.
Making the decision to venture out on your own and work for yourself can be an exciting, yet frightening prospect. Nevertheless, it is important for those who are self-employed to know and understand the tax implications associated with such a decision.
Are you one of tens of thousands of Americans who employs a service provider in your home? Perhaps you have hired a nanny, babysitter, cook, maid, or a home aide.
Employers must withhold payroll taxes from employee paychecks and send the withheld money to the Internal Revenue Service. Every company of all sizes has an obligation to collect and pay payroll taxes, or 941 taxes as they are also called.
Tax season is upon us once again and many individuals and businesses are struggling to make sure that all of their obligations to the Internal Revenue Service are fulfilled. You not only need to be accurate and timely when filing tax returns, but you also cannot afford to make errors that could trigger an IRS audit.
If you owe taxes to the Internal Revenue Service, you are probably already aware that they are going to be aggressive when trying to collect. That said, it is important to be proactive and find ways to get the tax debt problem solved and the IRS paid.
Many married couples file taxes jointly. Unfortunately, sometimes one spouse makes a mistake or intentionally lies on a tax return and the other spouse who signs the returns is not aware of the incorrect information.