Do you know how some families can afford taking an expensive summer trip to Disneyworld? Or updated their kitchen with the most modern appliances without a second thought? We’ll share a secret: some of them don’t make that much than you. They just know how to manage their financials better. Here are some inspirational real … Read more
Remember Enron? The large US energy company collapsed in 2001 due to widespread accounting fraud and tax evasion. Its shareholders lost $74 billion, and its employees lost billions in pension benefits. Enron’s downfall was primarily due to widespread accounting fraud and deceptive financial practices. The company manipulated its financial statements to portray inflated profits and … Read more
If you are unable to pay your IRS bill in full, there are several options available to you. It’s important to address the situation proactively to avoid potential penalties and interest. Here are some options you can consider: It’s essential to take action and communicate with the IRS about your inability to pay. Ignoring the … Read more
To contact the Internal Revenue Service (IRS), you can use the following methods: 1. Phone: Call the IRS helpline at 1-800-829-1040 for individual taxpayers or 1-800-829-4933 for businesses. The helpline is available Monday through Friday from 7 a.m. to 7 p.m. local time. 2. Online: Visit the IRS website (www.irs.gov) and search for the specific … Read more
Question: I agree with the IRS notice, which informs me that I had forgotten to include several income items from my tax return. Should I amend my tax return as a response? Answer: It depends. Will the issue be resolved by sending the IRS a response? If yes, most likely you can send a response … Read more
You get an IRS notice. You agree with the assessment since you forgot to report the $200 dividends from one of your accounts. You send the payment to cover the bill. You assume the matter was closed. Then, a few weeks later… The IRS sends you a bill. Thoughts start running through your head. Did … Read more
Question: I found an expense related to my sole-proprietory business. I want to file a tax amendment to reflect the business expense. Before I do that, I want to make sure of something. Will filing a tax amendment result in a higher IRS Audit risk? Answer: Most IRS audits and notices are generated electronically, which … Read more