Tax Laws

It sounds like an odd combination, but the fact is that gambling and taxes go together. You gamble to have fun, win money and forget about the seriousness of life, but the IRS does not leave you even at the slot machine. That is because any money you win through luck is considered earnings by…

Taxes is not something you think about while gambling, but after you have won or lost, you will need to report your earnings or your losses to the IRS. It hurts, but that is what the law says. That raises the question: What activities are included in gambling?According to the IRS “Gambling income includes, but…

The U.S. Treasury loses billion of dollars to tax evasion annually. Many individuals, businesses, and organizations hide their income overseas to avoid paying taxes on it. Tax evasion by keeping assets hidden overseas is the most common method used by taxpayers. Tax frauds also use fake organizations to dupe taxpayers into hiding income in tax…

Enacted in March 2010, the Affordable Care Act (ACA) aims to provide affordable health care by reducing the overall costs of health care and making it mandatory for all Americans to have coverage.Some of the provisions of the act have been implemented, and some will be implemented soon. The present provisions will impact the tax…

To collect more revenue and improve compliance, the government is focusing on introducing new tax laws and altering old ones.  The beginning of 2013 brought many of these tax changes, and the trend seems to be continuing with a proposed Internet sales tax bill.Apart from the new tax on investment income and Medicare taxes, taxpayers…

With the Foreign Account Tax Compliance Act (FATCA) and Offshore Voluntary Disclosure Program (OVDP) under its belt, the IRS is seriously battling tax evasion and using soft and aggressive tactics to increase tax compliance.Tax evasion by hiding money in overseas accounts is widespread. It has been listed fourth in IRS’ 2013 Dirty Dozen Tax Scams…

With the introduction of the Foreign Account Tax and Compliance Act (FATCA), the IRS has made a strong move to recover hidden money in offshore accounts. Under FATCA, U.S. taxpayers with specified foreign financial assets that exceed a certain threshold are required to report those assets to the IRS.To enforce compliance, the IRS has made…

Millions of dollars of American taxpayers were found to be hidden in various Swiss banks when a Swiss banking scandal was busted. Recently, there was a protest by American taxpayers against tax havens where many corporations hide their money to evade taxes. After the busting of Swiss bank scandal, Foreign Account Tax Compliance Act (FATCA)…

The Treasury Department will soon come up with new rules regarding offshore assets of U.S. taxpayers. Foreign Account Tax Compliance Act (FATCA) is set to publish its new regulations for increasing compliance regarding foreign financial assets in January, 2013.After the busting of a Swiss banking scandal, it was found that millions of dollars were hidden…

Demand for money in tax shelters in various foreign countries to be brought back into the country is rising. The Treasury Department is soon going to publish new rules regarding offshore assets of U.S. taxpayers. After missing the September deadline, the new rules are expected to be published in January, 2013.Foreign Account Tax Compliance Act…