Tax filing season is here, which often means people will soon find themselves dealing with letters related to unpaid taxes or even advising them of an upcoming audit of their financial records. While business owners and independent contractors typically have an...
Workers in the gig economy, also referred to as the "sharing economy," "on-demand economy" and "access economy," are typically considered independent contractors. If you earn money driving for Lyft, picking up groceries through Instacart, delivering food for Grubhub...
In theory, conservation easements are a benefit to the public. When a landowner donates land to the government or a land trust for conservation purposes, they can deduct the value of that land from their taxes. This potentially contributes new land to public use and...
Some people are able to easily pay their taxes on their own, but others might struggle with it and benefit from working with an attorney and accountant. An attorney may be necessary if you're dealing with self-employment matters or issues with the Internal Revenue...
You have always done your best to run your business correctly. That's why you were surprised to see a letter from the IRS wanting to do an audit with the implication that your taxes have not been correct.Most businesses and people get audited at one time or another,...
Are you expecting a holiday gift or bonus? If so, terrific. You should be aware, however, that gifts and bonuses are taxable as income. Even if your employer specifically states that you're receiving a gift, the IRS won't treat that present as an actual gift but...
Did you know the IRS has three kinds of audits? The most common is the correspondence audit, where the agency challenges your return in a letter. The next most common is the office audit, where you are invited to come to the nearest IRS office to defend your taxes....
When you're dealing with your taxes, it can be a real hassle. Even if you think you have everything right, you may still worry about audits or making mistakes that come back to haunt you years later.Tax laws are the rules and procedures set by the government (local,...
After several years of tight budgets, the IRS recently received a budget increase. This will allow it to reenter geographical areas where it has had to pull most of its physical presence. Staff has been expanding and enforcement efforts are being increased.One way the...
An offer in compromise (OIC) is a way to settle IRS tax debt for less than the full amount. It is only available to people who would face significant financial hardship if required to pay the debt; to people who dispute the debt the IRS claims they owe; and to those...
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