Taxes

The IRS has announced the annual inflation adjustments for the year 2024. That includes not only tax rate schedules, tax tables and cost-of-living adjustments for returns (you can find those here)—but penalties for late returns and missed forms. Here’s a look at what you need to know. Failure To File A Tax Return For returns

Since the birth of the U.S. tax system more than a century ago, taxpayers have made purposeful attempts to avoid paying taxes that they lawfully owe. In a standard case, a taxpayer may seek to reduce his or her tax liabilities through omitting income or inflating deductions, or both. Taxpayers who engage in these activities

Even legislators with a keen interest in protecting the U.S. corporate tax base from profit shifting should probably resist the urge to jump into the middle of Microsoft’s high-profile transfer pricing dispute with the IRS. Microsoft’s recent disclosure that the IRS believes the company paid $28.9 billion less in corporate income taxes than it owed

Introduction Most compensation earned by taxpayers is subject to employment taxes. When it comes to sole proprietors, independent contractors, and partners, employment taxes include those imposed by the Self-Employment Contributions Act (“SECA”). Rates in recent years have reached 15.3 percent of an individual’s “net earnings from self-employment,” a category which generally covers his or her

Cryptocurrency exchange Kraken has notified clients that the company will turn over user information to the IRS. The announcement follows a lengthy legal battle that began in 2021 when Kraken received a John Doe summons from the IRS. A John Doe summons is an order that does not explicitly identify the person but instead identifies