Irrevocable trusts are legal arrangements that provide asset protection and estate planning benefits. However, concerns may arise regarding the potential for the Internal Revenue Service (IRS) to seize assets held within an irrevocable trust. This article analyzes the interplay between irrevocable trusts and the IRS’s authority to levy assets, providing insights into the circumstances under … Read more

Capital gains taxes are levied on profits earned from the sale of capital assets, such as stocks, bonds, real estate, and other investments. The amount of tax you owe depends on several factors, including the type of asset sold, the length of time you held the asset, and your taxable income. This article will provide … Read more

Yes, non-filers can get the Child Tax Credit (CTC) through the IRS Non-filer tool. Eligibility for Non-Filers To be eligible for the CTC as a non-filer, you must meet the following criteria: You have a qualifying child who is under 18 years old and has a Social Security number. You are not required to file … Read more

Filing taxes can be a daunting task, especially if you’re self-employed or own a business. One common question that arises is whether or not you can deduct gas receipts on your taxes. The answer is yes, but there are specific requirements that must be met. In this article, we’ll delve into the details of gas … Read more

Understanding IRS Levies The Internal Revenue Service (IRS) possesses the authority to seize assets, including wages, bank accounts, vehicles, real estate, and other personal property, to satisfy unpaid tax debts. This action, known as a levy, allows the IRS to legally take possession of your assets to recover the owed taxes. IRS Levies vs. Credit … Read more

Understanding State Tax Audits A state tax audit is an examination of your state tax return by your state’s Department of Revenue. It is conducted to verify the accuracy of your reported income and deductions. Similar to an IRS audit, a state tax audit can result in financial and legal consequences if discrepancies are found. … Read more

Understanding the Confidentiality of Your Tax Information As a taxpayer, you have the fundamental right to the confidentiality of your tax information. The Internal Revenue Service (IRS) takes this responsibility seriously and has implemented strict protocols to protect your privacy. Understanding who can access your IRS records and the circumstances under which such access is … Read more

The Internal Revenue Service (IRS) plays a crucial role in enforcing the nation’s tax laws. One of its primary tools for ensuring compliance is conducting audits, which involve examining tax returns to verify their accuracy and completeness. This article delves into the IRS’s audit practices, providing insights into the number of audits conducted, the factors … Read more

In the realm of accounting, the concepts of accrual and deferral play a crucial role in ensuring accurate financial reporting. Accrual accounting recognizes revenue and expenses when they are earned or incurred, regardless of the timing of cash receipts or payments. Deferral accounting, on the other hand, postpones the recognition of revenue or expenses until … Read more

The modern employment landscape has witnessed a surge in the prevalence of 1099 employees, also known as independent contractors. This shift towards contingent work arrangements has brought forth both opportunities and challenges for individuals seeking flexible and autonomous work options. However, venturing into the realm of 1099 employment necessitates a thorough understanding of the inherent … Read more