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IRS Goes After Business Executives, Ramps Up Audits on Private Jet Travel

The audits will target planes used by big companies and wealthy individuals to ensure fair allocation of tax deductions. Read more. ....

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Loans Aren't Taxed By IRS, But Disguised 'Loans' Can Be Criminal

If you borrow $10,000, is it taxable income? No, since you have to pay it back, it does not count as income if it’s a real loan. But IRS audits what is a loan. ....

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Philly Cheesesteak Restaurant Owners Jailed Over $8M Tax Fraud Scheme

Two New Jersey owners of a popular South Philadelphia cheesesteak restaurant were sentenced for their decade-long conspiracy to defraud the IRS. ....

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IRS Forms 1099 Arrive With Key Data Impacting Your Taxes—And Audits

If there is an error on a Form 1099 tell the payer immediately. If you can t convince the payer you re right, explain it on your tax return. ....

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IRS Warns That Crypto Income & Gains Must Be Reported On Tax Returns

IRS reminds taxpayers to answer a digital asset question on 2023 tax returns and report all digital asset related income when they file tax returns. ....

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