An enrolled agent tax advisor certified to represent clients before the Internal Revenue Service resolving tax problems & filing tax returns.
IRS Simplifies Tax Relief for Individuals in Canadian Retirement PlansKelly Geloneck
Form 1040-ES allows you to calculate and pay your estimated taxes. Unlike Form 1040, which deals with income from the previous year, your 1040-ES is used to calculate estimated tax payments for the current tax year. If you're required to pay quarterly es
IRS Publications IRS publications are helpful guides the IRS provides to educate taxpayers. There are IRS publications covering nearly every topic, from reporting tip income to filing taxes as a business owner and how extensions work. Looking for answers on key tax topics? Find the IRS publication...
The audit rate for individual tax returns was 0.44% in 2023. The IRS has audited the returns of 8.7% of the people making $10 million or more from 2013 to 2021.17Individuals may be randomly selected and others triggered by departures from the norm, such as a charitable deduction that exceed...
Form W-2, Wage, and Tax Statement, is a crucial document that reports an employee’s annual wages and the amount of taxes withheld from their paychecks. It is essential for filing income tax returns. Over time, individuals may lose or misplace their past year W-2 tax forms prior years....
Income Tax Brackets and Rates For the 2025 tax year, the IRS has established different tax brackets based on filing status, reflecting a progressive taxation system. The brackets are as follows: Unmarried Individuals –10% for incomes up to $11,925 ...
“That’s pretty much realistic and pretty much what we’ve seen in the past with late tax rate changes,” he said. The IRS will have a tool for individuals to calculate how much should be withheld from their income on its site by the end of February. The agency and the administration...
(DOGE) arrived. Now, according to a new report by the Treasury Inspector General for Tax Administration (TIGTA), the IRS ranks have been reduced by more than 11,400 workers. That’s an 11 percent cut in the tax agency’s workforce. The job losses, which TIGTA collectively refers to ...
The Foreign Account Tax Compliance Act has strict reporting requirements for foreign bank accounts. The law requires overseas banks to identify American asset holders and provide information to the IRS. Individuals are required to report foreign assets worth at least $50,000 on the new...