Seeking the help of an accountant or tax preparer is one of the best ways to identify deductions, reduce tax liability and make sure your return is correct before filing with the IRS. But every now and then, something happens that forces a big change in your tax situation. And when a new life event or […]
The IRS published its annual trove of tax statistics Internal Revenue Service Date book, 2018. The book is a collection of statistics, and reveals declining enforcement and in-person taxpayer services resulting from a shrinking budget and staff. While the growing use of electronic filing and third-party data reporting can ease compliance, budget and staff cuts […]
There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. Also attach a statement to your return […]
If you don’t file a tax return, the IRS may file for you with something called a Substitute for Return to determine the amount you owe them. A substitute for return is the IRS’ estimation of what you owe for that year. They use past returns, as well as income reported by your employer(s) to approximate […]
The IRS won’t call you out of the blue. Maybe the letters “IRS” turn up on your caller ID, or you might pick up the phone blindly and the voice on the other end of the line says it’s Joe Smith calling from the Internal Revenue Service. Hard as it might be to prevent it, […]
