Incentive Insider

We recently discussed the differences between a lien and levy here, but how do you know when the IRS will levy your property? Before levying a taxpayer’s property, the IRS must notify the taxpayer of the outstanding balance and the pending levy action.

Most people are aware that cash transactions for $10,000 or more have to be reported to the IRS to help identify and prevent money laundering activities. For cash-based businesses, this reporting requirement can be burdensome, so people will try to arrange payments in such a way as to avoid the $10,000 limit.

In tax, the idea of domicile or residence determines who, what state or country, can tax you. If you move to another state or another country, then your tax residence changes too, right?

Realtors are often experts at keeping multiple matters in the air. They must handle clients, closings, listings, and showings without breaking a sweat. But one thing that can be quickly dropped is taxes.