- See the US Tax System Illustrated in One Complex Map
- The US tax system is complicated for even the most seasoned tax professionals. If you’re using the DIY route, you’re probably wasting valuable time & money.
- Caution: The IRS is cracking down on non=reported Crypto Transactions
- Taxpayers who don’t properly report the income-tax consequences of virtual-currency transactions will be liable for not just the tax but also penalties and interest. Learn more.
- 5 Things You Should Know About the Chart of Accounts in QuickBooks Online
- QuickBooks Online doesn’t require deep knowledge of accounting principles. Still, there are concepts you should understand.
- Is It Time for a Payroll Tax Checkup?
- Was your 2018 federal tax refund less than normal, or – worse yet – did you actually owe tax despite usually getting a refund? If so, this was primarily due to the last-minute passage of the Tax Cuts and Jobs Act at the end of 2017. Because the law was only passed late in the year, the IRS did not have adequate time to adjust its W-4 form and the related computation tables to account for all of the changes in the law. Thus, even if your taxes were lower for the year, the lack of adjustments to the W-4 and payroll-withholding tables meant that you likely had lower withholding and higher take-home pay for 2018. The bottom line is that, because your withholding was lower than it should have been, either your refund was lower than normal or you actually ended up owing money instead of getting a refund.
- The IRS Has Cryptocurrency on Its Radar
- If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so focused on this issue that it recently issued warning letters to over 10,000 taxpayers it suspects might have an under-reporting problem.
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