IRS

Getting a letter from the Internal Revenue Service (IRS) about an audit doesn’t mean you’re in trouble, but it does mean the clock is ticking. You don’t get much time to respond, and the IRS won’t wait if you hesitate. Here’s how their deadlines work and what you can...

IRS penalties cover more than just late payments, and knowing the different types helps you avoid costly surprises. This article explains the main penalties the IRS can impose, how they arise and what you can do to limit their impact. Failure to file and failure to...

For some taxpayers, income tax debts are a minor issue. They have secondary streams of income, such as rental houses or investment accounts, that result in an underpayment of estimated taxes. They may have money due when they file their annual income tax return. In...

Running a business is no easy task, and the thought of an IRS tax audit can be a source of anxiety for many business owners. However, being prepared and organized can make the process more manageable and streamlined. A tax audit isn’t necessarily a sign of wrongdoing,...

The Internal Revenue Service (IRS) is strict about taxes. It expects taxpayers, individuals and businesses alike, to pay their bills and pay them on time. Failure to do so can result in serious ramifications, including financial penalties and possible legal...

Receiving an Internal Revenue Service audit notice can be stressful. The IRS selects companies for audits for various reasons. Here are the most common: Random selection: Sometimes, the IRS selects businesses randomly based on statistical formulas. Document...