Generally, a U.S. citizen or resident who has income from sources within the U.S. Virgin Islands or income effectively connected with a trade or business in the U.S. Virgin Islands is required to file an income tax return with both the United States and the U.S. Virgin Islands.
Santa might not have made the IRS's naughty list, but industry experts anticipate the agency could soon get more aggressive when it comes to ensuring proper wage and income reporting for seasonal workers.
This is the first of two articles about expenses incurred by clients who are engaged in an activity, and whether such activity can be considered a business or a hobby. In the first article, the scenario of a freelance writer is used to discuss the business vs. hobby issue.
H&R Block clients accustomed to receiving Refund Anticipation Loans (RALs) might be disappointed this tax season because the only bank that underwrites these loans for the company, HSBC Bank USA, might pull out of the program.
Los Angeles Lakers forward Lamar Odom is accustomed to facing formidable opponents on the basketball court. But these days, he’s taking on the Internal Revenue Service in a different court setting over what he sees as a personal foul.
The Internal Revenue Service is reminding consumers that they can weatherize their homes and be rewarded for their efforts. Homeowners making energy-saving improvements this fall can cut winter heating bills and lower their 2010 tax bill, too, according to the IRS.
Speaking at this week's National Tax Conference in Washington, D.C., IRS Commissioner Mark Schulman addressed concerns about the new tax preparer identification guidelines that are about to take effect. Managing Editor Gail Perry reports.
Starting today, for-profit companies marketing debt-relief services over the telephone are prohibited from charging a fee before they settle or reduce a customer’s debt to the Internal Revenue Service, credit card company, or other unsecured debt.
A former Pittsfield, MA, man pleaded guilty this week in federal court in Boston to his role in a series of frauds and attempts to avoid paying taxes over more than a decade, as well as lying to federal authorities and financial institutions about his illegal activities.