The Taxpayer Times
"Clear tax guidance for everyday taxpayers"
Category: Uncategorized
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Why DCAA Audits Result in Findings (Even When No One Intended to Do Anything Wrong) In the earlier parts of this series, we examined what DCAA audits are, when they occur, what they review, and how different types of audits relate to one another. A natural question follows: If a contractor is not attempting to…
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The Internal Revenue Service recently released Tax Tip 2026-10, outlining several individual tax credits and noting enhancements tied to the One, Big, Beautiful Bill. These credits apply to income earned during the 2025 tax year, reported on returns filed in the 2026 filing season. This article explains what the IRS highlighted, how these credits function,…
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“The hardest thing in the world to understand is the income tax.” Albert Einstein Even a genius found the income tax confusing. Now consider what ordinary taxpayers actually do when faced with it. The U.S. tax system operates on a voluntary basis. That means taxpayers are expected to file federal income tax returns each year.…
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Cryptocurrency reporting has become a recurring topic in recent filing seasons. In an earlier article, Crypto Transactions and Tax Returns, I discussed why digital asset activity often creates uncertainty on tax returns, particularly when taxpayers believe that transactions involving small dollar amounts do not require reporting or assume that no reporting is necessary because no…
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For the 2025 tax year, Congress enacted several changes affecting individual income tax reporting. Among them are new deductions related to tip income and overtime compensation, enacted as part of the One Big Beautiful Bill Act. These provisions apply to 2025 income, meaning they affect tax returns filed in 2026. While they have received significant…
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“What taxpayers often misunderstand about reporting cryptocurrency activity” Cryptocurrency transactions have become common enough that they now appear in tax conversations every filing season. Some taxpayers trade frequently. Others buy once or twice and forget about it. Many fall somewhere in between. What they often share is uncertainty about how those transactions affect their tax…
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A Tax Debt Perspective for Overwhelmed Taxpayers A Note on Scope This article is written strictly from a tax debt perspective. While many people facing financial hardship are also dealing with credit card balances, mortgage delinquencies, car loan defaults, or other consumer debt, those issues are not the focus here. The discussion that follows is…
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Introduction In the previous article, I discussed what a federal tax lien is, how it gets filed, and why taxpayers often feel caught off guard when they discover one. This article builds on that discussion by focusing on how liens may be addressed and what options exist after a lien has already been filed. Once…
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When taxpayers receive IRS Letter 668(Y), their reaction is often immediate anxiety. The words “Notice of Federal Tax Lien” feel sudden and severe, especially when the letter arrives without any sense that this was about to happen. What makes this letter different from most IRS correspondence is the timing. By the time Letter 668(Y) reaches…
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