Let’s face it, taxes are one of those necessary evils, but they don’t have to drain your resources as much as you might think. If your business pays sales tax on supplies or equipment, you could be leaving money on the table by not claiming sales tax deductions. This smart tax move can cut down …
For business owners, sales tax is more than just another number on an invoice—it’s a critical factor that can directly affect your profits. From small transactions to large orders, knowing how to calculate sales tax accurately isn’t just about getting the math right; it’s about protecting your business from compliance issues and costly penalties. But …
An IRS audit can feel overwhelming at first, prompting you to brace for impact. But the question that lingers is: how long does an IRS audit take? Multiple factors shape the duration, including the complexity of your return, the type of audit, and how quickly you respond. An audit could be resolved in weeks—or stretch …
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 …