April highlights from The MWE Advisor: Record retention guidelines to remember during spring cleaning; Delinquent taxpayers may experience passport issues.
Records Retention Guidelines to Remember During Spring Cleaning
Spring has finally sprung! Before you start cleaning out your personal or business files, review these guidelines. On the one hand, excess clutter takes up space in your home, office or hard drive — and it could lead to stolen identities if not properly disposed of. But, if you purge too soon, you might not be able to file an amended return or defend against inquiries by the IRS and state tax agencies.
Delinquent Taxpayers May Experience Passport Issues
Tax debtors have more to worry about than notices from the IRS, interest and penalties. If they have “seriously delinquent tax debts,” they may have passports revoked or not issued. This article explains how a 2015 law granted the federal government the authority to punish delinquent taxpayers using passports, as well as how the process works.