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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....
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 IRS is working to identify wealthy Americans who used a law firm called Panama Offshore Legal Services to “create or control foreign assets and entities” in an effort to evade taxation. The Justice Department issued a statement last week saying that it had...
According to the Treasury Inspector General for Tax Administration (TIGTA), over 500 governmental entities wrongly applied for the advance payment of employer tax credits that was made available during the COVID-19 pandemic. These entities claimed employer tax credits...