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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...
The Internal Revenue Service defines an excise tax as one levied on “specific goods or services.” According to IRS.gov, consumers pay federal excise taxes for goods such as fuel, tires, tobacco and heavy trucks. Services that incur excise taxes under the federal tax...
Gambling is a common pastime – increasingly so during the pandemic. If you’re getting ready to file your taxes for the year, you may be wondering how your winnings (or losses) at the slot machine will affect your bottom line. In this post, we break down the basic tax...
Tax documents and digital records can accumulate to a nigh-unmanageable degree over the years. It comes as no surprise that individuals might wonder how long they should keep their tax records. Those with particularly complex tax situations could find it hard to...
If you operate a website offering goods for sale online, you may need to collect sales tax from your customers. Online sellers shipping goods to New York State may register as a sales tax vendor with the Department of Taxation and Finance. According to tax.ny.gov,...
Receiving a notice from the IRS informing you of an upcoming tax audit may seem unusual. What's more, you may feel that the information they provide is rather vague. Scammers have a lot of methods they use for impersonating legitimate entities to trick you into giving...
Cryptocurrency has grown a following on the internet and in mainstream discourse over the last decade. It provides investors a secure, encrypted asset to speculate with and potentially make big gains. Many early fans called it the future of money and touted its...
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...
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 chooses a small number of tax returns each year to audit. Receiving an audit doesn’t necessarily mean that you did something wrong – they can audit you for no reason at all. Even so, it can be very nerve-wracking to receive an audit notice. How does the IRS...