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The IRS has set the standard for how it operates to recoup the money it believes you may owe. Once they begin the process of collections, you may find yourself facing a host of issues. With the federal government's power at its disposal, the IRS can cast a wide net...
The type of business you own and operate could determine whether you need to file and pay self-employment taxes. The Internal Revenue Service’s website notes that work performed as a sole proprietorship or an independent contractor generally requires filing annual...
Most taxpayers have little to worry about regarding an IRS audit, but that doesn't mean you shouldn't be careful about inadvertently sending out warning signs. Once the tax authorities become aware of a potential discrepancy, it is too late to make the problem simply...
Do you have concerns about a letter from the IRS? The Internal Revenue Service sends taxpayer notices for specific purposes. Review the common types of IRS notices you may receive and the next steps to take. Reasons for IRS notices You may receive a letter in the mail...
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...
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...
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...
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...
Every year, the IRS expects around 155 million income tax returns. With that many returns to review, it's inevitable that the federal tax agency will make mistakes once in a while. If the IRS makes an error on your taxes, it is up to you (and, potentially, a tax...
The Internal Revenue Service (IRS) is an important agency. But, before the IRS Restructuring and Reform Act of 1998, the agency seemed to operate as if it was also a judge and jury. If the agency believed that a citizen owed money, that was it – they owed the money....