IRS Tax Tip 2022-95: Year-round tax planning: All taxpayers should understand eligibility for credits and deductions
If you had a 50% off coupon for your favorite store, and the products you are purchasing are eligible for this discount, why would you want to shell out more money that you had to? The same goes for your taxes! Your hard earned dollars are better off in your bank account than the IRS’ […]
Dentist and Wife Get Their Teeth into More Than They Can Chew
An Alaska dentist and his wife, Glenn and Saray Lockwood, have been charged with tax evasion, bankruptcy fraud, wire fraud and money laundering. The couple is accused of evading 3.5 million dollars in federal income taxes starting in 2013. To impede IRS collection efforts, the couple filed a false bankruptcy claim. They later formed an […]
IRS Interest Rates Increase for the Third Quarter of 2022
The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning July 2022. The rates will be: 5% for overpayments (4% in the case of a corporation). 2.5% for the portion of a corporate overpayment exceeding $10,000. 5% for underpayments. 7% for large corporate underpayments. The interest rate is determined on a […]