Taxation · 07/17/2025

This paper analyzes the tax gap in the United States, highlighting that from 2014 to 2016, the gap reached $496 billion, which includes unreported income, underreporting, and unpaid taxes. It emphasizes the importance of tax compliance and explores the role of policy initiatives and future outlooks aimed at improving overall tax compliance rates to ensure a fair distribution of tax burdens.

Taxation · 08/07/2025

An Offer in Compromise (OIC) is a solution for taxpayers to settle their tax debts for less than the full amount owed, suitable for those unable to pay in full. The IRS evaluates various factors, such as the taxpayer's ability, income, and expenses, to determine if the proposal is acceptable. Taxpayers should research all payment options and seek professional support when applying.

Education · 08/07/2025

This article examines the exemptions and adjustment options in the U.S. citizenship application process, particularly for elderly and disabled applicants. USCIS offers waivers from the English and civics education tests under specific conditions, aiming to ensure that the application process is fair and accessible to all.

Taxation · 08/27/2025

This article focuses on international students in the US, providing a detailed interpretation of the Economic Impact Payments issued by the US government during the pandemic. It also delves into the application of the Substantial Presence Test in determining tax residency status. The aim is to help international students correctly understand their tax obligations and avoid unnecessary troubles caused by tax issues. It clarifies eligibility for economic relief and the criteria for being considered a US tax resident, crucial for filing taxes accurately.

Taxation · 04/30/2025

The IRS is providing tax relief to Virginia taxpayers affected by severe winter storms and flooding, extending the tax filing deadline to November 3, 2023, to help alleviate the financial burden caused by the disaster. For specific policies and application details, please visit the official IRS website.

Taxation · 08/13/2025

Learn how to renew the validity of your Individual Taxpayer Identification Number (ITIN) to avoid issues with federal tax filing due to expiration. This article provides a detailed overview of the ITIN's validity period, renewal conditions, and application steps, ensuring taxpayers can smoothly fulfill their tax obligations.

Taxation · 07/18/2025

This article explores the differences and applications of ITIN and EIN, two types of tax identification numbers. ITIN is designed for individuals without an SSN, primarily used for tax filing and bank account applications, while EIN is a business identification number commonly used for tax and employment purposes. Understanding their application processes and uses is essential for engaging in legal and compliant financial activities in the United States.

Finance · 08/06/2025

Bill Zielke, the Chief Marketing Officer of BitPay, has over 30 years of extensive experience and has held significant roles at several fintech giants. He has driven numerous innovative payment products, providing convenience and choice to consumers globally.

Taxation · 07/23/2025

This article provides a detailed analysis of the purpose and function of Form 1045, assisting individuals, estates, or trusts in obtaining tax refunds promptly through a fast application process when there is a need for a tax refund. It addresses various situations, including net operating losses and business credits.

Taxation · 07/18/2025

By effectively utilizing tax credits and deductions, taxpayers can significantly reduce their tax burden and even expedite refunds. Understanding various credits (such as those for low-income families, education, retirement savings, and clean energy) and the options for standard or itemized deductions helps lower taxable income, thereby alleviating economic pressure related to taxes.

Taxation · 07/23/2025

April 15, 2025, is the deadline for individual tax filing in the United States. This article provides a detailed overview of the tax filing process, including online and paper submissions, extension options, the impact of life changes on taxes, and resources for obtaining tax assistance, helping taxpayers navigate the tax filing process with ease.

Taxation · 07/23/2025

The Child Tax Credit helps families reduce their tax burden, with applicants needing to meet age, residency, and income criteria. Eligible families can claim the credit on their tax returns, with each qualifying child potentially receiving a full or partial credit. Additionally, there are other related tax credits available for families, further optimizing their tax liabilities.

Taxation · 07/23/2025

This article explores how businesses can effectively leverage tax credits and deductions to reduce their tax burden and enhance financial health. By detailing various key tax credit measures and deductible costs, it aims to provide practical tax-saving strategies and policy guidance for enterprises.

Taxation · 07/25/2025

This article explains how to accurately locate the submission address for tax filing forms. It emphasizes the importance of selecting the correct address based on the form number and highlights the need for timely updates of relevant information to ensure that readers avoid mistakes and delays in the tax filing process.

Taxation · 07/25/2025

This article offers a set of mid-year tax planning tips, including organizing tax records, clarifying filing status, understanding adjusted gross income, checking withholding amounts, and updating address and name. These strategies aim to assist taxpayers in preparing for the next tax season and reducing the stress associated with filing taxes.