What is Imputed Income?

imputed income - rush tax resolution

Imputed income refers to the value assigned to a non-monetary benefit or perk received by an individual, which is then treated as taxable income. In other words, when a company or employer offers a non-traditional benefit – such as a gym membership, or an annual Amazon gift card – the value of that benefit is …

Continue reading

What is Form 2848 and What Is Its Purpose?

what is form 2848 - rush tax resolution

Form 2848 is also known as a “Power of Attorney and Declaration of Representative” and is one of many IRS forms. The purpose of Form 2848 is to authorize a designated individual or entity to act as a taxpayer’s representative before the IRS. In other words, when you want someone to work with the IRS …

Continue reading

Everything You Need to Know About Form 4506-T

form 4506-t - rush tax resolution

The IRS has hundreds of forms and thousands of different letters, notices, and documents that it categorizes and processes each year, from millions of individuals and entities. No one expects the average taxpayer to know about half of all of these documents, let alone all of them. But if you are trying to qualify for …

Continue reading