To collect unpaid taxes, the IRS is turning to private companies. The growing backlog of debt is proving too much for the agency, which announced this past April that it's turning to four debt collection companies to round up outstanding payments from taxpayers who've been contacted numerous times and still haven't coughed up any cash.
If your business is headquartered in one state, but you sell your products across the border, do you have to pay taxes in the recipients' state? This answer depends largely on whether you have what is referred to as a "nexus," meaning an establishment in the recipients' state. So what is a nexus and what constitutes an establishment?
Ever wonder how a financial planner is different from a stockbroker? Stockbrokers are also seen as market mavens who trade stocks. Planners aren't accountants, either (although some accountants do work as financial planners) — they aren't called upon just to lower your tax bill and they aren't insurance agents who try to sell you complicated life insurance. They're not around only to urge you to buy specific mutual funds either. A financial planner should be familiar with a variety of techniques and tools, including trusts, if they are right for you.
The Americans with Disabilities Act is a federal civil rights law that applies to people with disabilities, and it protects them from discrimination. The Equal Employment Opportunity Commission, a federal government agency, enforces the sections of the ADA that prohibit employment discrimination.
Portability is actually a simple concept. It means that if one half of a married couple doesn't use up the entirety of the federal estate tax exemption at death, the surviving spouse can use this leftover portion, plus his or her own exemption. It makes a high federal estate tax bill less likely.
"In this world, nothing can be said to be certain, except death and taxes" is a quote often attributed to Benjamin Franklin. With that in mind, it's best to be prepared, at least financially, for taxes and tax season each year.
Roll the dice? Bet on ponies? Love the slots? Before you start making plans to spend your newfound fortune, remember that the IRS is due its share. You’re required to pay taxes on cash winnings from:
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