Being a small business owner can be challenging. You have to invest in finding the right employees and balancing growth and quality. Besides, you must pay and file your taxes on time and report everything as required on your tax return. Unfortunately, there are...
Tax issues are one of the most complicated subjects to deal with. Thus, it can be concerning when the Internal Revenue Service (IRS) wants to audit you. Here is what you should do after the IRS notifies you of an audit. Understand the reason for the audit The IRS can...
The most straightforward ways to avoid tax-related controversy and accusations of tax evasion involve having your taxes prepared by a knowledgeable professional and filing your return on time. Of course, this is certainly easier said than done. Even when a...
Accounting for digital assets or income on a tax return is still new to the Internal Revenue Service (IRS). The current laws regarding digital property with material value are somewhat lax, but you must still report these assets to the IRS. Taxpayers must answer a...
You may have heard people talking about how the IRS is expanding due to new funding that they received. They are going to hire around 19,000 new workers over the course of 2023, these reports continue, which is roughly the same amount of people who are hired in 2022....
If your tax returns have sufficient indications of fraud, the IRS will conduct a civil examination to uncover the truth, commonly known as an eggshell audit. As the name suggests, you must take great care to avoid facing criminal consequences. For instance, you may...
Once you submit your tax return, you might still lose sleep over it. You might lie awake expecting the Internal Revenue Service (IRS) to knock on your door and tell you they want to audit your company. However much you trust your accounting team, you know mistakes...
It’s not uncommon for people to miss the tax-filing deadline, even though most people know when it is. They might miss it unintentionally or refuse to file for other reasons. If you haven’t filed a tax return for the past year when you were supposed to, then you still...
For decades, offshore banking has been synonymous with tax avoidance, if not outright tax evasion, by wealthy people and corporations. People with significant resources may have funneled them into accounts held in countries that did not report those accounts to the...
People who owe money to the Internal Revenue Service (IRS) will often try to get it paid as quickly as possible. Most individuals know how serious the consequences are if you don’t pay and just ignore the IRS. This is a ruthless agency that’s going to do anything...
