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The IRS has issued over 22 million tax refunds worth more than $78 billion, as of Feb. 18. Here''s the average payment.

Effect of Trust Modifications in a Settlement Agreement

04:55pm, Friday, 25'th Feb 2022 Wealth Management
The IRS rules that they don’t result in loss of generation-skipping tax exemption
IRS Notice of Federal Tax Lien to be Released and Removed Over 150 pages of forms and documents were provided to the IRS during this case and it took 12 months DALLAS, TEXAS, UNITED STATES, February 25, 2022 /⁨EINPresswire.com⁩/ -- So many hard- …

How To Accurately Manage Payroll For Independent Contractors

03:00pm, Friday, 25'th Feb 2022 Business First Family
There are several steps to accurately manage payroll for independent contractors. Independent contractors are often paid differently than traditional full or part-time employees. In fact, companies frequently have to pay employed contractors as a business expense. That means companies must correctly recruit, onboard, and compensate them to avoid financial penalties from the IRS. As a … The post How To Accurately Manage Payroll For Independent Contractors appeared first on Business First Family .

The IRS is doing the best it can

02:55pm, Friday, 25'th Feb 2022 The Washington Post
Why do annuity payments belong in a plan for retirement income? There is a very simple answer: Retirees who have annuity payments feel more confident about their long-term finances in retirement. It seems obvious to someone like me, who is an actuary by training and spent most of my later career in the retirement business. That confidence comes because an annuity payment is similar to Social Security or a pension in one important respect: They all provide a lifetime of guaranteed income. SEE MORE The 4 Phases of Retirement Since annuity payments are guaranteed under contracts issued typically by highly rated insurance companies, in my view retirees or near-retirees with a reasonable life expectancy should at least consider them as an important source of retirement income. However, according to one survey, a relatively low percentage of retirees — fewer than 15% — make annuity payments part of their retirement income plans. So, let’s discuss the objections and questions that consumers often have about annuity payments, the contracts that guarantee those payments, and the reasons annuity payments belong in a plan.

IRS Announces Interest rates increase in Q2 2022

10:41pm, Thursday, 24'th Feb 2022 Investopedia
The IRS has announced that interest rates will increase for the calendar quarter beginning April 1, 2022. Interest rates are determined on a quarterly basis.

Bitcoin Mining Can Generate Significant Tax Revenue

09:43pm, Thursday, 24'th Feb 2022 CoinDesk
As part of CoinDesk’s Tax Week coverage, Research Analyst George Kaloudis shares insights on how the IRS can collect tax revenue from crypto miners.

Which Documents Should I Save, Which Should I Shred?

03:51pm, Thursday, 24'th Feb 2022 Kiplinger
The IRS, which is dealing with a backlog of unprocessed tax returns dating back to 2020, has urged taxpayers to file their returns electronically. But filing electronically doesn’t stop the clock on potential audits, nor on your right to file an amended return. Generally, the IRS has three years from the date you file to audit your return . You also have three years to file an amended return. That means for the 2021 tax season, for instance, you should hold on to your Form W-2s and any 1099 forms generated from freelance income, unemployment benefits or investment income (such as taxable dividends, capital gains and interest), records relating to a 401(k) rollover or other retirement information, and receipts for deductible expenses until at least 2025. Some experts suggest keeping your documents for four years to be on the safe side. SEE MORE 20 Most-Overlooked Tax Deductions, Credits and Exemptions Although your chances of being audited are slim—the IRS singles out less than 1% of all individual tax returns—you may need these documents to file an amended return if you overlooked a deduction or credit that could have lowered your tax bill or increased your refund.

Why We Still Need Guidance on Staking Rewards Taxation

02:30pm, Thursday, 24'th Feb 2022 CoinDesk
A tax consultant and CPA analyzes the recent decision by the IRS to refund $3,200 to the Tennessee couple taxed on their Tezos staking rewards. This piece is part of CoinDesk''s Tax Week.

Leveraging the Tax Code to Minimize Your Tax Liabilities

09:30am, Thursday, 24'th Feb 2022 Kiplinger
As we head toward March, one of most dreaded times of the year approaches: tax season. Right now is the time when you’re inundated with tax documents, including a W-2 from your employer, 1099s from your side gigs, 1099-MISC statements from your online brokers, 1099-Rs for retirement income and more. There isn’t much you can do now to reduce your 2021 tax obligations outside of contributing more to tax-deferred retirement accounts. That’s why the beginning of the year is the perfect time to adopt new strategies to minimize your tax obligations for 2022. SEE MORE Is Your Stimulus Check Taxable? All too often, your focus is on the rearview mirror – what you’ve already done and what you’ll have to pay. Instead, when you shift your focus to a proactive stance, you’ll reap the rewards throughout this year and into 2023, when you’ll file your taxes for this year. As an enrolled agent – a professional who has earned the privilege of representing taxpayers before the Internal Revenue Service (IRS) – and a financial adviser, there are three strategies that I’ll share with you that have the potential to reduce your taxes in coming years.

IRS backlog could delay your tax return

09:25pm, Wednesday, 23'rd Feb 2022 CBS News
The Treasury Department says the IRS is facing a sizeable backlog from 2021, which could delay your tax return this year. Ted Rossman, senior industry analyst at Bankrate.com, joins CBS News to discuss when people can expect to get their refunds and how inflation may affect how people will spend that money this year.
The tax-exempt bond market is perennially under heightened scrutiny by various regulators, including the Internal Revenue Service (the "IRS"), the United States Securities and Exchange Commission (the "SEC") and the Municipal Securities Rulemaking Board (the "MSRB"). A primary focus of these regulators is on post-issuance compliance. The purpose of this publication is to summarize the topic of post-issuance compliance for interested parties. It is intended to assist: • treasurers, finance… By: Orrick, Herrington & Sutcliffe LLP
Settling up with the IRS at tax time can be complicated if youve been doing a lot of cryptocurrency trading. Gains from sales of digital assets can be subject to

A Work of Art: Preserving Private Foundations by Prohibiting Self-Dealing

02:59pm, Wednesday, 23'rd Feb 2022 Wealth Management
IRS clarifies rules around undistributed income and incidental and tenuous benefits received by disqualified persons.
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