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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...
It is unlawful to interfere with the administration of the nation’s Internal Revenue Laws. As noted on IRS.gov, impeding an agent acting in an official capacity may result in facing allegations of a felony offense. The Department of Justice notes that an individual...
Beginning in 2022, payment app providers must report to the Internal Revenue Service their accounts totaling $600 or more each year in transactions. If you accept credit card payments online through a peer-to-peer app, you could receive a copy of Form 1099-K, which...
Special agents typically represent the IRS Criminal Investigation Division. The Internal Revenue Service’s website notes the agency employs about 2,500 duly sworn law enforcement officials. Each CI agent has experience in high-profile tax and financial investigations....
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...
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...
A letter from the Internal Revenue Service (IRS) can be alarming, especially if it’s a Statutory Notice of Deficiency. The IRS sends this when they find a difference between the amount you reported on your tax return and the amount they think you owe. Failure to pay...
The Internal Revenue Service does a lot more than collect taxes and issues returns. One of its more helpful services is the annual “Dirty Dozen” list of tax scams. Amidst the twelve common scams is a shorter list of schemes that persuade taxpayers to engage in...