IRS Budget Cuts Threaten Tax Enforcement IRS Workforce Reductions and Their Consequences Recent budget cuts at the IRS have led to mass firings, leaving many tax audits incomplete. This reduction in staff could allow wealthy individuals and large corporations to avoid paying their fair share of taxes, potentially costing the government millions in lost revenue. […]
Al Capone: A Cautionary Tale of Tax Fraud Al Capone is a name synonymous with organized crime and the glitz of the Prohibition era. While he was infamous for bootlegging, gambling, and violence, it wasn’t his criminal enterprises that ultimately brought him down. In the end, Al Capone was taken down by the IRS for […]
Tax Debt During a Divorce: What You Need to Know Divorce can be an emotionally and financially challenging process, and dealing with tax debt during a divorce adds another layer of complexity. Understanding how to manage tax obligations during this time is crucial for both parties to ensure a fair and equitable resolution. This guide […]
Overdue Taxes: Nearly 1 in 4 Americans Affected While most Americans are current on their taxes, there’s little agreement on the best way to handle overdue taxes among those who aren’t. A recent GOBankingRates survey of more than 1,000 adults revealed that approximately 77% of respondents are in good standing with the IRS, but 23% […]
Tax Debt in America: What’s the Cause? Tax debt in the United States is a pervasive issue, affecting millions of taxpayers annually. Today, we’ll analyze the various factors contributing to the accumulation of tax debt among Americans, highlighting the complexities and common pitfalls that create this widespread financial burden, so that you might be better […]
18.6 Million Americans Owe Tax Debt to the IRS Tax debt is a critical financial issue that affects millions of Americans, posing significant challenges to both individuals and the federal government. Reports from 2023’s tax season showed that 18.6 million Americans owe tax debt to the IRS. Today, we’ll delve into the various facets of […]
