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Tax season can be a stressful time for many individuals and businesses, especially with the looming possibility of an audit by the Internal Revenue Service. Audits, although intimidating, serve an important purpose in maintaining the integrity of the tax system. In...
Accusations of tax fraud can have serious consequences for businesses, including hefty fines and damage to their reputation. That is why business owners must do their best to avoid possible tax issues, which can sometimes result from simple oversights or errors. To...
Tax season can be a stressful time, but you must still ensure that you accurately report your income and expenses. Otherwise, you run the serious risk of facing tax fraud charges and the harsh consequences that come with them. Tax fraud can lead to hefty fines,...
Facing an IRS audit can be a daunting experience for any small business owner. To navigate this process successfully and minimize potential consequences, it is important to be aware of actions to avoid during an IRS business audit. 1. Neglecting recordkeeping...
CNBC reported the baseline for the top 1% in the United States in 2023 were earnings of at least $652,657. However, the IRS has recently set its sights on a specific group within the United States' top earners: those who make over $1 million annually and have a tax...
Undergoing an IRS audit can be a daunting experience. As a taxpayer, the law entitles you to certain rights during an audit. If the IRS has contacted you about performing an audit, know your rights so you can navigate the audit process with confidence and ensure fair...
Small business owners frequently multitask to keep their company afloat. This may result in taxes falling through the cracks or taking a back seat. Entrepreneurs and business owners should be aware of common tax controversies. Even the smallest errors could result in...
Tax evasion is a serious crime that can have severe consequences for those who attempt to evade their tax obligations. While the Internal Revenue Service is responsible for collecting taxes, they also have a keen eye for identifying tax fraud. If convicted,...
Starting a new business in New York can be an exciting endeavor, but it also comes with a host of responsibilities, including understanding and managing various tax considerations. Taxes play a crucial role in the financial health of your business, and being...
What happens if you open your mailbox to find a letter from the IRS claiming you owe back taxes? If you believe you have been diligent in your tax responsibilities, you may feel some panic and wonder what you should do. Misunderstandings and clerical errors can occur...