Empowered Tax

It wasn’t long ago that the IRS was completely in the dark as to what information taxpayers and others were reporting to foreign governments. The IRS would never show up on U.S. audit with information obtained from foreign governments. We …

Tax losses for worthless debts often trigger IRS audits. On audit, it is common practice for the IRS to disallow the losses based on the debt not being worthless, the amount of the loss not being correct, and that the …

Employers are required to withhold Social Security, Medicare, and income taxes from wages paid to employees. The withholdings are credited to the employee’s Social Security, Medicare, and income tax accounts. If these taxes are not paid over to the IRS …