Running a business isn’t easy. One of the biggest challenges businesses face is managing their expenses, including tax liabilities. Part of the process of handling a business’s tax obligations is the preparation and filing of a business tax return. But what happens if a business doesn’t file a tax return on time or makes a mistake on the return? And should it even matter if the business doesn’t owe any taxes?
Continue reading “What Happens When You Fail to File Your Business Tax Returns?”
Getting audited by the IRS is becoming rare. In 2018, the IRS audited about 0.5% of returns filed. This is a 42% reduction from the audits conducted in 2010 and about 66% less than the number of audits from about 50 years ago.
Continue reading “2021 Tax Audit Trends”
The economic impact of the coronavirus cannot be understated. Realizing the financial toll it was taking on Americans, the IRS implemented the People First Initiative in March 2020.
Continue reading “Tax Liens, Levies and COVID?”
It’s still early in the year, but that doesn’t mean tax scammers aren’t busy. Every year, con artists and fraudsters come out of the woodwork to take advantage of taxpayers. The only difference is that they might slightly modify their scams. Here is a list of a few scams that taxpayers need to be on the lookout for in 2021.
Continue reading “Top Tax Scams to Watch for in 2021”
It’s a brand new year, which means new income tax rules go into effect. Unlike previous years, most of the changes in 2021 are relatively minor. In this blog post, we’ll touch on five of these changes that are most likely going to affect the individual taxpayer.
Continue reading “2021 Income Tax: Top Five Changes”
2020 has been quite the year. While it may have felt like the year of the coronavirus would never end, it’s December, which means it’s time to reexamine your tax situation and decide if some changes are in order. This blog post will examine a few tips when you start planning for the 2021 tax season.
Continue reading “2021 Tax Plan: End of Year Tax Planning for 2020”
The tax laws and regulations in the U.S. can be confusing and frustrating at times. On occasion, this will result in taxpayers getting into trouble with the IRS. But not all disputes or tax questions require the help of a tax attorney. This blog post will examine situations when hiring a tax lawyer might be useful and the reasons for using a tax lawyer’s services.
Continue reading “When and Why You Need to Hire a Tax Attorney”
The IRS is making a few changes as of late. Some of the most prominent ones involve increased efforts in collecting unpaid taxes. While the IRS is always working to find ways to increase its tax collection efforts, two recent trends focus on asking taxpayers to report income from cryptocurrencies and increasing audits.
Continue reading “IRS Trends: Audits and Cryptocurrencies”
To help individuals and businesses figure out their tax issues, there are two common types of professionals available. The first is the tax attorney and the second is the CPA, or certified public accountant.
Continue reading “The Difference Between a Tax Attorney Versus a CPA”
For the most part, we can’t get away with not paying our taxes. So what happens when you don’t pay your taxes when they are due? Does an IRS agent come to your bank and take money from your bank account? Or do you get a letter in the mail a month later saying the IRS has a lien on your property?
Both situations are possible, at least to some degree. However, a lot can happen from the moment a tax obligation comes into existence and the IRS takes action against you.
Continue reading “What Happens When You Owe the IRS and Don’t Pay?”