The advance child tax credit is a prepayment of the credit parents receive when doing their taxes. It provides extra money to parents who have children under the age of 16 throughout the year rather than them getting it in their tax refund. CNBC explains that there...
Large Firm Skills
With Small Firm Service
Year: 2021
The importance of classifying workers correctly
Business owners have a variety of responsibilities. Managing workers correctly is one of them. When it comes to classifying workers, the two options are typically an employee or independent contractor. Employers must classify correctly, or there will be financial and...
How should you prepare for an IRS audit?
You received a notice in the mail that the Internal Revenue Service intends to audit your taxes. Now what? Having the records to support your return organized and ready may help you resolve the issues quickly and favorably. Financial records According to the IRS, a...
What are some types of IRS tax penalties?
Unless you stand to receive a handsome refund, you probably do not enjoy tax time. After all, not only must you gather financial records, but you also must try to determine how much the Internal Revenue Service believes you owe in taxes. Furthermore, even if you make...
Payment plan or Offer in Compromise: Which one is right for me?
If you have a lot of tax liability, you may be afraid to lose your property to the Internal Revenue Service (IRS). However, you can stop the IRS’s collection efforts if you promise to pay what you owe, or at least a significant percentage of that amount. To repay the...
What do people get wrong about tax evasion?
According to the Washington Post, there are a lot of myths surrounding tax evasion. Tax issues are often complex, and most taxpayers lack a real understanding of the pertinent rules and regulations. By gaining a better understanding, you can potentially sidestep...
How does an IRS audit occur?
When it comes to the IRS, many people stress overpaying taxes and being correct on tax paperwork. If you receive notice about an audit, it can be overwhelming. How can you expect an audit to work? According to the IRS, there are a couple of different ways to perform...
Proactive tax planning saves business owners money
Many business owners are so busy running their company that they do not have the time to focus on their personal finances. It is a lost opportunity to legally lower one's tax burden using viable tax deductions created for retirement, particularly if the business is...
IRS awards new collections contracts
The Internal Revenue Service awarded contracts to three collections companies. These private collection agencies (PCA) are CBE Group, Inc., Coast Professional, Inc. and ConServe. One of the three companies will contact taxpayers with unpaid IRS bills; however, the IRS...
The IRS expands guidance for corrections of qualified employee plans
The Internal Revenue Service has updated its’ Employee Plans Compliance Resolution System (EPCRS) that allows plan sponsors to correct overpayments and certain plan failures. As of July 16, the sponsor no longer needs to file a Voluntary Compliance Program (VCP)...