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In general, when you work for someone else, you will either be an employee or an independent contractor. Employees are more costly to the employer, so it is very common for them to try to classify workers as independent contractors. But the requirements for this...
The federal government may take different measures to collect unpaid taxes from you. You may find one day that the IRS has put a federal lien on your business and/or other property you own. Since a lien can impact your ability to acquire financing and negatively...
The IRS employs professional agents experienced in civil and criminal matters to track crypto or virtual currency transactions. Referred to as “Operation Hidden Treasure,” specialized agents review income tax returns to determine whether digital currency traders...
Taxes can be incredibly complicated, even for those who are well-versed in financial matters, and they only become more complicated when you consider paying taxes on a small business or estate. Fortunately, there are ways for law-abiding citizens to avoid...
Business owners hiring independent contractors must provide them with 1099-MISC forms by January 31 following the end of a tax year. If you earned at least $600 working as an independent contractor, the business that paid for your services must send you and the IRS a...
Tax season is no walk in the park for any person. Going through the trouble of figuring out the amount owed serves as a difficult and stressful task for most, and on top of that, no one can ever fully predict whether or not they will undergo an IRS audit. On top of...
There are many reasons people do not file their tax returns. Whether you have not filed for one year or for many, the worst thing you can do is ignore the problem. Take steps to resolve your unfiled tax returns today. Reasons to file your taxes If you do not file your...
People end up not paying their taxes for a variety of reasons. Often, it is because they fear that they owe money they do not have or are confused about how to file. Some even forget. There is some good news: Making an honest mistake, such as innocently miscalculating...
If you receive a letter in the mail showing the return address of the Internal Revenue Service, your first reaction may be one of panic. Did they find a discrepancy in your 1040 return? Do you owe additional taxes? Surely they don’t accuse you of tax fraud — do they?...
If you are not aware, you should always keep the six most recent years of your tax return paperwork and receipts. The reason is not arbitrary. Standard three years The federal statute of limitations for an IRS audit is three years from the April 15 due date of the...