[…] The strict deadline is June 30th. No extensions. How serious the government is about penalizing someone the whooping $10,000 for not reporting a measly $15,000 overseas savings account set up for you by your parents? They sure promise to do so […]
[…] One big problem: this transcript is not available until late summer, simply because it has to wait until all these forms get reported to the IRS. Accordingly, if you want to use this transcript for tax preparation, […]
[…] Depends on who you hire, as you will see from the recent IRS announcements. The list includes both one-person businesses and large franchise operations. Also, this Hall of Shame includes a tax attorney, a CPA, and even an EA. […]
[…] One missed payment will never be a reason to freeze your bank account. Also, before freezing your money, they should have sent you multiple warnings by mail, the last one by certified mail. Did you recently move and not receiving your mail, by chance? […]
[…] When the politicians were finally done, it was already 2013. Guess what? The IRS now has to change the tax forms and reprogram their computer systems. Imagine preparing for a wedding when the bride […]
[…] What usually triggers audits is not how much income you claim but how much expenses you deduct against this income. For example, if your business income of $15,000 is offset with $3,000 of business expenses such […]
[…] This CPA lady receives her IRS audit work from an insurance company. Have you seen those $39 or $59 offers of “IRS audit insurance” from TurboTax or from your local office of some national tax chain? So what happens in reality? […]
The first question is: are you sure you really owe this money? A lot of times, you owe only because you did not file your tax return, or because you made a mistake on this return, or because the IRS made a mistake. If you never filed a return – file it as soon as …
[…] it takes an IRS agent less than a minute to initiate Federal tax lien and file it with your county. Once filed, forget selling or refinancing. You need to work with the IRS first. So, what exactly did the IRS do to relax this burden? They doubled […]
[…] By the time you file your tax return, the IRS already knows a lot of the information that you are asked (forced?) to submit. How? Simple! Businesses report all the taxable transactions not only […]
