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Tax Fraud Blotter: Obvious red flags

Tax Fraud Blotter: Obvious red flags
accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.

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Bradley Schneider (via Public) / 10th News: 200 Days of Progress

Bradley Schneider (via Public) / 10th News: 200 Days of Progress
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Going after unpaid taxes won't yield the windfall Joe Biden suggests

There’s nothing politicians love more than extra revenue without having to raise taxes. And at first glance, that’s what Internal Revenue Service Commissioner Chuck Rettig appeared to offer at a recent Senate Finance Committee hearing when he discussed the so-called “tax gap”: the difference between what taxpayers legally owe and what the IRS actually takes in. Unfortunately for President Joe Biden, attempts to take on the “tax gap” would probably yield far less revenue than he thinks.
Rettig’s testimony appeared to provide groundbreaking new information that the tax gap has reached $1 trillion, with major media outlets like The New York Times taking this statement as gospel even though it’s nearly three times what had been previously estimated by the IRS. Rettig’s statements were soon followed by a plan from Biden to raise $780 billion over the next decade by spending $80 billion on increased enforcement. ....

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Blog: 6 Strategies to Reduce Your Taxes | Montgomery Community Media

Blog: 6 Strategies to Reduce Your Taxes
To significantly reduce your taxes now and in the future, you need to plan ahead. There are several strategies you can adopt to lower your tax bill. When I was studying for the Certified Financial Planner™ certification, I was amazed at the volumes of strategies we are allowed to take to reduce our tax bill. Most of them involved setting up trusts, but unfortunately, they only make sense for those who have several million dollars tucked away. We middle-class folks need to take advantage of what’s available to us, so we too can be good American citizens and pay taxes, but not more than we need to. ....

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IRS issued COVID stimulus checks: Strategies to manage income and deductions for 2021 recovery rebates

IRS issued COVID stimulus checks: Strategies to manage income and deductions for 2021 recovery rebates
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