Each year, the Internal Revenue Service (IRS) releases its list of the “dirty dozen,” which it bills as the worst of the worst tax scams. While many of these scams relate to taxpayers attempting to defraud the federal government by abusing tax law or failing to report income, others involve an increasing problem in the […]
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What Happens with Cash Transactions Over $10k?
If you run a business that handles larger cash transactions, you probably know that federal law requires you to report cash payments of more than $10,000 by completing a Form 8300, which is jointly issued by the IRS and the Financial Crimes Enforcement Network. This form, which requires the payor’s name, address, and tax identification […]
Why Do the Self-Employed Have Higher Audit Risks?
Yes, it’s true. If you forgo traditional employment in favor of the American Dream, you have a higher chance of being noticed by Uncle Sam- and not in a good way. The Internal Revenue Service has many agendas, but a top one is collecting unpaid taxes from self-employed people. The IRS believes that this group […]
What Does a WR-30 Look Like & How Do I Do It?
In New Jersey, employers are required to file an Employer Report of Wages Paid, or WR-30, form within 30 days of the end of each quarter ( March 31, June 30, September 30 and December 31). This report, which lists all people who were employed and/or paid by your company during the specified time period, […]
Can the IRS Cancel Your Passport?
In January 2018, the IRS implemented more aggressive collection measures for people with what it described as “seriously delinquent” tax debts. This change, which applies to those who owe over $52,000, appeared as part of the Fixing America’s Surface Transportation (FAST) Act, can result in revocation of your passport. According to CBS News, the State […]
