There are few things that are more disconcerting than receiving correspondence from the Internal Revenue Service (IRS). Even if you are diligent about paying your taxes, getting a letter from the IRS can be scary. This is particularly true when the IRS sends you a notice of deficiency to inform you that you owe taxes.continue reading…
IRS
What is the IRS dispute resolution process for businesses?
If you want to dispute your tax bill as a small or medium-sized business, start with the IRS Independent Office of Appeals. This agency strives to make an impartial decision about your tax issues. Review the process of filing an appeal for business taxes with the IRS. When to request an appeal If you receive a lettercontinue reading…
Your Self-employed Tax Obligations
Self-employment affords you many freedoms that you could not enjoy while working for someone else. You have the ability to create your own work schedule, and you do not have to answer to an unreasonable employer who neither understands nor appreciates you. However, the freedom of self-employment does not relieve you from your obligation tocontinue reading…
Last-minute strategies to reduce your 2019 taxes
The Tax Cuts and Jobs Act was passed two years ago, and tax attorneys and accountants have spent that time looking for new tax breaks and other strategies for reducing your tax liability. Basically, reducing your tax liability involves maximizing your potential deductions and tax credits while reducing the amount of your income that iscontinue reading…
Inflation-based tax changes for FY 2020 announced
The IRS has announced inflation adjustments in dozens of areas, some prompted by the Taxpayer First Act of 2019. Taxpayers should use the new amounts when planning for their 2020 taxes. For example, starting in 2020, the penalty for failing to file a return goes up to $330. The change with perhaps the most impactcontinue reading…
