The Treasury Inspector General for Tax Administration (TIGTA) recently reported that small businesses and merchants who make use of platforms like Uber or Etsy are not properly reporting their income. This accusation is supported by discrepancies that were found between numbers filed on Form 1099-K and individual tax returns. These discrepancies are likely to triggercontinue reading…
Audit basics: Know these three types
The Internal Revenue Service (IRS) conducts audits for a variety of reasons. Some audits the result of discrepancies in tax filings, others are allegedly random. Whatever the reason for the audit, those who are the subject of scrutiny by the IRS likely have one thing in common: the stress of the event. One way tocontinue reading…
Three ways to stop a tax levy on your salary
Getting hit with a tax levy may seem like something that could never happen to you. It seems unfair that the government can simply take your money directly from your paycheck, yet they do. The Internal Revenue Service (IRS) will employ this means of tax collection for overdue payments. When with the IRS move forwardcontinue reading…
Hefty IRS debt? Consider making an offer the IRS can’t refuse.
Tax obligations do not just go away. Fortunately, those who struggle with tax debt have options. One specific option to address a hefty bill with the Internal Revenue Service (IRS) is referred to as an offer in compromise. An offer in compromise (OIC) is an agreement that is presented by the taxpayer to the IRS.continue reading…
Why is the distinction between hobby and business important?
It may begin as a hobby. Perhaps a woodworking experiment or brewing gift set began as a fun pastime. But this new pastime has taken off. Perhaps you are spending more and more time on this hobby and you begin to wonder, could this be considered a business? Why would I want to consider mycontinue reading…