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As per the U.S. Internal Revenue Service’s (IRS) report, in 2016 over 85% of taxpayers e-filed their 2015 tax returns. Some individuals, however, are still skeptical when it comes to e-filing. Common reasons for taxpayers opting out of e-filing are identity theft & financial data theft, even though the IRS has taken great lengths to...
The U.S. IRS started accepting 2016 tax returns on the 23rd of January. But many taxpayers are asking “Am I required to file a return?” The following summary prepared by AG Tax professionals, using the IRS’s guideline, should help you determine whether you are required to file a 2016 tax return or not. In addition,...
The U.S. Internal Revenue Service requires U.S. employers and U.S. Health Insurance Marketplace to issue health insurance coverage information forms to the insurance holder (employee) and send a copy of the form to the IRS as well. The deadline for sending these forms to the IRS is 28th February, if paper-filed and 31st March, if...
In 2009, the US government began a series of streamlined offshore voluntary disclosure programs (OVDP). These programs were aimed at taxpayers with offshore assets in order to make all, or most, U.S. taxpayers living outside the United States tax-compliant. It was also put in place to prevent tax evasion by taxpayers using offshore accounts. Although...
Individuals often have life insurance policies provided by their employer, whose ownership is transferable to the employee in the case which the employee is retiring, or for other qualifying reasons. Whatever the reason may be, it is important for these individuals to be aware of the fact that this could have tax implications. Since many...
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