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A Notice of Deficiency, also known as the 90-day letter, from a government agency is the official written claim by such agency determining that you owe income taxes, along with interest and penalties. You have 90 days to take action. The particular action required by you depends upon which government agency is making the claim.
→ Read MoreThe purpose of the GST is to tax gifts and inheritances that are given to skipped generations in the same way that gifts and inheritances are taxed that are given to the immediate heirs. Any gift given to a skip person must have not only the standard gift or inheritance tax (depending on when the gift was given), but also an additional tax that is set to the highest inheritance bracket at the time of the gift. This causes most givers to pay equivalent to the gift or often more than the gift itself in taxes.
→ Read MoreHow do governments collect taxes?
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