You may have received a letter from the IRS stating that it found a discrepancy in your 1099 or 1040 return. Rather than fearing the worst, open the letter and read what it says carefully. People make mistakes, and there is no need to panic. While it could involve...
IRS Guidance
Received a notice from the IRS? Do this next
Seeing that you have something in the mail from the Internal Revenue Service can make your heart stop. While there’s a chance that it’s good news, there’s a better chance that you’re being asked about something, told that you owe money, or given information about your...
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...
IRS Provides Guidance On The Deductibility And Reporting Of Certain Amounts Paid To, Or At The Direction Of, Governments
In May, the Internal Revenue Service (IRS) provided guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments. The proposed regulations revise current § 1.162-21 of the applicable regulations and provide operational...