#tax-audits

#tax-audits

Most employer 401(k) plans allow mid-year changes to the deferral election percentage. Before the bonus pay period, raise the deferral rate high enough to funnel as much of the bonus as possible into the 401(k), up to the annual limit.

These figures reflect what we see every day. Compliance isn't difficult because people are careless—it's difficult because it's fragmented, deadline-driven, and overwhelmingly manual.

7 On Your Side and a team of tax experts will answer your questions about changes to the tax law, new deductions, deadlines, and much more.

The person that does get audited does not just get slapped on the hand. You could end up paying penalties and interest in addition to what you owe. In extreme cases, you could also be prosecuted. This tax season, take the time to vet any tax advice you're considering.

His boss shut the door and said they now needed "shorter-term opportunities to make money every month or we may not survive," which Tom now sees as the moment the scoreboard reset from three years to 30 days. "It was a very ambiguous message," he says, adding that he never asked, "Are we talking about what everybody else is doing or are we going to stay within the legal or ethical guardrail?"

The key to selling underperforming holdings at a loss and using those losses to cancel out capital gains on a dollar-for-dollar basis is to bring one's capital gains level down as close as possible to zero. Additionally, it's possible to use $3,000 of capital losses per year to offset other ordinary income, so there's the potential here with such a strategy to actually lower one's overall tax burden by selling the right securities at the correct time.

As the 2025 tax season approaches, Bill Bisson is stuck in tax limbo, still waiting for the Canada Revenue Agency to resolve a $3,471 penalty stemming from his 2023 return a charge he and his tax adviser say is an obvious CRA error. It's frustrating, it has created a lot of stress for me, said Bisson, who lives in Beaver Bank, N.S., just outside Halifax. It just keeps hanging over my head.

Chances are that you're reading this at work. Or maybe you work from home, and you're reading it on a work-issued computer. Most of us carry our work laptop or phone everywhere (I currently have mine with me on holiday). We answer messages on the couch, check email in line at the grocery store, and occasionally use the same device to sign an agreement, upload a tax form, or grab a boarding pass.

It's that time of year again. Tax season is about to begin, and most Americans need to complete their 2025 filings by Wednesday, April 15. To avoid missing a deadline or paying a penalty, plan to check your local tax dates and income paperwork as soon as possible. Here's everything you need to know about taxes in the new year.

Many of those developments will continue to affect SALT in 2026 as we see renewed challenges to Public Law 86-272, a federal law that prohibits states from imposing income taxes on out-of-state businesses that only solicit sales of tangible personal property in the state. There also will be developments involving digital advertising taxes, federal tax law changes, interstate disputes, and a US Supreme Court ruling involving the government's right to take property to satisfy a tax lien.

Days before the 2026 tax filing season begins, the head of the IRS announced a shake-up Tuesday, saying the personnel and operational changes are intended to improve taxpayer service and modernize the agency. The timing of the announcement coincides with a critical moment for the agency, as the IRS prepares to process millions of tax returns while simultaneously implementing major tax law changes under the tax and spending package President Donald Trump signed into law last summer.

A new year brings a new tax filing season. With many cash-strapped Americans worried about their finances, many can't wait to file their returns. The sooner you file, the sooner your chances of getting your refund, after all. But just when can you begin submitting your tax return to the Internal Revenue Service (IRS)? That depends. Here's what you need to know about the 2026 tax filing season.

Millions nationwide have begun the process of filing their yearly taxes - including many immigrants without a permanent immigration status. But since President Donald Trump's return to the White House, his administration has sought access to IRS data - including taxpayers' addresses - to further its immigration crackdown and locate undocumented immigrants. And last April, ICE and its parent agency, the Department of Homeland Security, secured a data-sharing agreement with the IRS, alarming many taxpayers who use ITINs to file.