According to a recent report, the IRS has overlooked substantial tax amounts that S-corporation executives should have claimed on their income tax forms and paid taxes on. Those amounts, which add up to billions of dollars, should have been rightfully declared and added to the government’s coffers to help pay…
If you owe money to the IRS, they more than likely will ask you to set up a payment plan, also known as an installment agreement. These agreements require a number of set criteria, from having the payments directly drafted out of your bank account to charging you interest every…
People who invest in cryptocurrency already know the benefits of those investments. The overall worth of Bitcoin, among others, tends to go up quite a bit over time, making those investments pay off. The only downside is that those investments are taxed, quite like those made on the standard stock…
Receiving a notice from the IRS about a pending tax examination or tax audit can be intimidating. These notices are a sign that your tax return and financial records are going to be scrutinized, and you might have to either go to the IRS office and drop off your information…
While the IRS has spent years developing methods to find and prosecute people and businesses who commit tax fraud, they have recently begun ramping things up in order to make their efforts more effective. As a result, more people are being audited, and even more discrepancies are being found. In…
Audits are not a welcomed entity in anyone’s eyes. So, if you’ve just received a notice informing you of an impending IRS audit, do not panic. In some cases, people or businesses are selected for an audit at random. In others, an IRS audit is triggered by issues with your…
For most of the past year, the IRS had suspended collections notices and activities, due to the COVID-19 pandemic. Now that the pandemic has waned, thanks to the vaccinations and other efforts of health care professionals, the IRS is once again ramping up its collections activities. However, there’s one difference…
Tax-exempt status, a special designation with the IRS that separates non-profit organizations from those that are designed to earn a profit, is only awarded after a lengthy application process. Although some organization automatically qualify, simply due to the type of organization that they are, others must apply and provide the…
The COVID-19 pandemic threw many people’s lives into chaos, but none quite so much as the small business owner. These companies, which range in size from one single employee to up to one hundred or more, all suffered plenty of losses. Revenue was down, businesses had to close their doors…
In 2020, due to the economic hardships that small businesses suffered thanks to the COVID-19 pandemic, the Federal Government put a number of plans into place to provide support and relief. These bills created the Paycheck Protection Program, the Emergency Capital Investment Program, and Small Business Tax Credit Programs, among…
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