Reaching out to the IRS may seem like an intimidating endeavor, especially if you have not paid or filed your tax return this year – or in several years. However, if this is the case, the IRS actually does want to hear from you, no matter what the circumstances are….
Filing taxes is a complicated process, and every year, new laws and regulations make it even more difficult. In between the endless forms and going through a year’s worth of receipts, it is easy to see why tax season is one that most people avoid thinking about. Besides wanting to…
There are few things worse that receiving a notice in the mail of an impending IRS audit. People tend to associate this uncomfortable process with the IRS finding mistakes and assessing bills for hundreds of dollars in penalties and fees. However, it does not have to go that way. There…
All businesses must file a number of payroll forms with the IRS in order to properly account for all income and taxes paid to and on the behalf of employees. Two of these forms, the IRS 940 and the IRS 941 are crucial. The first form is an annual form…
The Paycheck Protection Program, or PPP, was enacted last year by Congress and the Trump administration as a part of the Coronavirus Aid, Relief, and Economic Security or CARES Act. It was intended to cushion the blow of the COVID-19 pandemic by providing a way for small companies to continue…
Owing back taxes is something that tends to haunt you. You worry constantly about when the IRS will reach out and begin collection efforts, or you wonder when your payment plan will be accepted by them. If you work with a tax preparation professional, then you stay in frequent contact…
When someone, either an individual or a business, fails to submit a yearly tax return, the IRS uses the information that it has available to create one for them. After they do this, they’ll send out a proposed tax assessment, which includes the amount of money that they believe you…
An IRA hardship withdrawal is something that you should really think about before making that final decision. After all, taking funds from your IRA, or Individual Retirement Account can lead to having to pay penalties, not to mention possibly needing to declare the money as taxable income at the end…
Due to the COVID-19 pandemic, which sent many people into financial turmoil, the amount of tax debts that citizens owe to private collectors has soared. When the country shut down in March of 2020, many businesses furloughed or laid off their workers, leaving those employees reliant on unemployment. The businesses…
Preparing to file your 2020 tax return in the midst of the ongoing COVID-19 pandemic can often raise more questions than answers. Thankfully, we have a number of tax tips for those gathering their income information and reaching out to their tax professionals. We recommend not filing your tax return…
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