As it turns out, yes, you CAN go to jail for owing the IRS. Two Guys’ Tax Trouble: The $18 Million Scheme Meet Joseph Nubla and Henry Ku from Northern California. These pals are in hot water, looking at 3 and 2.5 years behind bars. Why? Well, they tried to pull off hiding a whopping …
The IRS announced a second year of delays in implementing a 2021 law apps like Venmo, PayPal, and Cash App to send tax forms (1099-Ks) to users who received over $600 in the current tax year. The goal of this delay is to reduce taxpayer confusion and avoid sending an estimated 44 million 1099-K forms …
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Whoever said taxes aren’t that complicated? Especially when it comes to income, where the IRS wants to make sure that virtually everything you’ve earned has been accounted for, tax-wise. As such, there are 21 different versions of Form 1099, the form that the IRS requires you to fill out when you’re federally declaring any income …
Imputed income refers to the value assigned to a non-monetary benefit or perk received by an individual, which is then treated as taxable income. In other words, when a company or employer offers a non-traditional benefit – such as a gym membership, or an annual Amazon gift card – the value of that benefit is …
Taxes can be a complicated subject, and while it’s expected of the average taxpayer to know and understand every tax they owe, the reality is that taxes are not always at the top of the list for the average person’s daily worries. While there are countless guides and guidelines online and on official pamphlets published …