The Internal Revenue Service conducts different types of audits. This means that individuals often face different examinations when flagged for suspicious activity. Below, we take a comprehensive look at the four primary types of audits: Correspondence audits...
If you employ individuals to work for you full-time, you must hold back part of their paycheck for income tax. The government requires all employers to collect and pay taxes in accordance with the Federal Insurance Contributions Act (FICA). Failure to abide by...
With a spending plan heading towards a House vote, many are looking at one specific hot topic. That's IRS funding of $80 billion with a little over half of that set for "enforcement," the audit process. Many worry about increased "audit security on small business or...
As part of its look to the future, the Internal Revenue Service recently released its strategic plan. The plan aims at making updates to customer service as well as how it handles aspects of administration. The plan covers fiscal years 2022 through 2026. Here are the...
Filing taxes can be a complex process. Businesses and individuals are required to file their taxes as accurately as possible, but events like purchasing property or commercial equipment can lead to tricky filing requirements that may result in errors. When the...
You can inherit an offshore account from a relative, or you may have a business interest outside of the U.S. Perhaps you are hedging investments as part of a diversification strategy. Owning an offshore bank account is not a crime as long as the holders abide...
Dealing with federal and state tax forms is complicated, and most people are willing to pay someone else to do the work for them. However, these professionals can make mistakes. While a qualified tax preparer is educated and skilled in their work, it is...
Sometimes the IRS audits your tax returns as an individual or a business, especially if you are self-employed or your tax calculations are wrong. The audit ensures that all income is captured and that you have claimed the right tax deductions. Your best defense is...
It can be an unsettling feeling to receive a letter from the Internal Revenue Service, especially when it doesn't contain a check. While a letter from the IRS isn't always bad news, it's important to know what to do to avoid any potential issues. Why did the...
Tax evasion in the United States is more common than you might think. However, most people don't know that it is a serious crime. This article will take a comprehensive look at everything you need to know about tax evasion, including what it is and the...
