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If you run into problems with the tax man, it’s time to find tax consultants who can help you navigate through the process, but watch out for these 4 red flags. The US tax system is far from simple. While every US taxpayer has an obligation to keep up with their filing requirements and tax …
IRS Form 8300 is required for all cash payments over $10,000. But what does this mean for you? Cash transactions constitute a large portion of business activity. Businesses need to build inventory, pay for repairs, pay for maintenance and upkeep on their equipment, make monthly payments for leased property, compensate their business partners, and much more. While these transactions do …
The IRS has recently awarded new contracts to private collection agencies, but what exactly are private debt collectors and what do they do? The IRS has been plagued by a drop in employees and resources for years, leading to lower and lower auditing rates, and increased concern over the fact that the agency may be …
Failure to file taxes can lead you to hot water with the IRS, but what happens if you don’t file taxes for 5 years? If you’ve ever failed to file your taxes, you’re sure to have received a notice from the IRS detailing the penalty you have to pay as a result of your late …
When preparing your taxes, you likely look towards deductions, but when it comes to itemized vs. standard deductions, which one is right for you? Out of the few ways you can reduce your income taxes each year, the only two you can rely on year after year are the standard deduction and itemized deduction. While …
If you receive an IRS notice, it can be extremely stressful. But what does it mean to be audited by the IRS? What are your options to resolve it? An audit from the IRS is not necessarily routine, but it isn’t something to immediately fear, either. If you aren’t being audited by the IRS, then …