Each year I provide a tax organizer document for each of my tax preparation clients to complete. It requests demographic information and answers to several questions about the client’s tax situation. These questions ask about the client’s income and deductions and seek information to determine the client’s tax reporting obligations. One question that appears on… [Read More].
Small business owners may not know that fall is a pivotal season in which several tax considerations need to be made. Here are some questions that small business owners should consider now that we are beyond Labor Day and the end of the year is approaching. Did You File Your Taxes? While the typical income… [Read More].
If you are among the approximately 126 million taxpayers who expect to receive a tax refund, you may be anxiously awaiting those funds to be deposited into your bank account or to receive that check in the mail. However, an increased number of taxpayers are finding that their 2020 tax refunds are taking significantly longer… [Read More].
If you have ever thought about leaving the U.S., this article is for you! Perhaps you are like me and do not particularly enjoy cold weather. When you glance out the window and see a mound of snow or ice, you may think to yourself, “I wish I was lying on a beach in Puerto… [Read More].
The IRS can collect tax that may be owed only after an assessment is made. That assessment of tax can be based on one of two events: 1) the taxpayer can voluntarily file his return as required or 2) the IRS can issue a Substitute for Return (SFR) based on information that has been reported… [Read More].
Are you in shock about a tax notice that you received from the IRS? Do you wonder where tax notices come from? Many of them originate from the IRS’s Automated Underreporter (AUR) program. Using a taxpayer’s tax identification number (such as a social security number or employer identification number), the IRS compares a taxpayer’s filed… [Read More].
If your business has employees, you likely know how important it is to pay them on time. As small business owners, we oftentimes rely heavily on our employees. However, an equally important cost that is oftentimes overlooked is remitting the associated withholding and employment taxes to the government on time. A good payroll service can… [Read More].
Hiring a quality tax professional is becoming increasingly important. Most informed taxpayers are aware that the Tax Cuts & Jobs Act, which went into effect in 2018 cut Treasury’s revenue by billions of dollars. Given that over 90% of the federal government’s revenue is generated by the IRS, and that government expenditures only appear to… [Read More].
Deciding to hire an authorized representative (Attorney, CPA, or Enrolled Agent) to assist you with your IRS matter is often a huge stress reliever for a taxpayer that is faced with a pending examination, collection issue, or notice inquiry. But does that mean the taxpayer’s job is now done? In most cases, the answer is… [Read More].
Having a tax return selected for audit is probably on the top five list of things most people would rather avoid. . .but is it avoidable? Many taxpayers believe that audits are random and that their own individual risk of being audited is low based on articles that float around the internet and the taxpayer’s… [Read More].