You get a notice in the mail from the IRS. Your heart sinks to your stomach. Is this an audit? The odds are high that you’ve actually received a “soft letter” instead. While you can heave an immediate sigh of relief, your troubles really aren’t over just because this...
Year: 2020
What do you do if you have a problem with your self-employment taxes?
Being self-employed, you may think that it’s easier to do your taxes yourself. However, even though you’re excited about building your business, you should know that it’s very easy to make mistakes that could come back to haunt you later. For some people, simple...
You have to pay taxes on your cryptocurrency earnings
Cryptocurrencies like Bitcoin have been around for more than a decade. With massive gains and market adjustments in recent years, cryptocurrencies have started to go mainstream. Bitcoin, Ethereum and Litecoin are all known brands of digital currency, but there are...
How does the IRS catch tax fraud?
According to the Internal Revenue Service (IRS), there’s about $450 billion missing from its coffers. The money wasn’t stolen so much as it was never delivered in the first place. That’s the estimated “tax gap” the IRS believes exists between what taxpayers should be...
Common payroll mistakes made at companies
Your payroll department should consist of a team that is reliable, trustworthy, experienced and can meet deadlines. At the same time, this team of bookkeepers should have a solid business background and technology skills and a firm understanding of compliance matters....
What happens if a loved one dies owing money to the IRS?
You’ve always paid your income taxes in full and on time. You’ve never had a problem with the Internal Revenue Service. Now a loved one has died, and it turns out they owed the IRS some money – a lot. While some debts disappear after the debtor dies, that’s not true...
Tax deductions you may be able to claim when you’re self-employed
There’s a big difference between not paying your taxes and avoiding unnecessary taxation -- especially when you’re self-employed. Knowing what you can legally deduct from your self-employment taxes can save you hundreds -- even thousands -- of your hard-earned...
Tax mistakes vs. tax fraud: There’s a difference
When filing your income tax return, it goes without saying that you want to avoid mistakes. Doing so gives you peace of mind, while also reducing the risk of an audit. But of course, the IRS may still find reason to take a closer look at your return. If you’re...
Worried about the IRS? Get the right professional help
Knowing that the Internal Revenue Service (IRS) is looking over your taxes can be frightening, especially if you’re worried that you’ve made a mistake. There is no question that the taxes U.S. citizens pay are complex, and there are many situations in which simple...
Do I need to file an FBAR for my foreign bank account?
Foreign bank accounts can be useful. Yet, they become a burden if you fall foul of the U.S. tax authorities because of them. It is crucial to understand when you need to file a Report of Foreign Bank and Financial Accounts (FBAR). Here are some questions you may have:...