Tax season might come and go, but the IRS’s ability to audit your returns lingers longer than many expect. How far back can the IRS audit? The short answer: it depends. For most taxpayers, it’s three years. But if you’ve underreported income by 25% or more, the window stretches to six years. And if fraud …
You might wonder whether to hire a CPA or tax attorney during tax season or after receiving an IRS notice. It’s not just about who handles taxes—they both do—but rather who is equipped to deal with your specific situation. For organizing your financials, optimizing tax filings, or managing day-to-day compliance, a CPA often suffices. However, …
Tax audits can often catch businesses off guard, especially when dealing with the sales tax audit statute of limitations. This legally defined timeframe determines how long tax authorities can review a company’s sales tax filings. The audit period varies across states, typically ranging from three to four years. However, in cases of fraud or failure …
Tax season can be stressful for some individuals. Each year, the IRS allows taxpayers to request a personal tax filing extension, which offers an additional six months to complete their returns. For 2024, this means individuals who need more time can file by October 15th instead of the usual April 15th deadline. While the extension …
Donald Trump’s proposal to eliminate taxes on tips means that income earned through tips would no longer be subject to federal income taxes. Here’s an overview of what this could entail and the potential pros and cons: What it Means • Current System: Under the current U.S. tax system, tips are considered taxable income. Employees …
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