Each year the IRS makes inflation adjustments for several deductions, the tax rate schedules, and a host of other tax provisions. While Congress continues to debate several tax issues including estate and gift tax changes, the IRS moved forward with its annual...
You’ve received a letter from the IRS requesting supporting documentation on one of your deductions. Does this mean the agency will disallow the item and you’ll owe additional taxes, penalties, or interest? Not necessarily. Each year, the IRS chooses returns for...
As year-end 2021 approaches, it’s a good time to start organizing for 2022 tax season. Steps you take now can save you headaches – and possibly avoid penalties — next spring. In addition to making sure you know the deadlines and have withheld enough tax, you’ll...
You filed your return and wrote your check for taxes due. But you didn’t realize the IRS would cash the check before your bonus payment cleared or you forgot about a large outstanding item that hit your account just before the IRS payment did. Your check to the IRS...
Do you cringe every time you receive correspondence from the IRS, in fear the letter contains news you have been chosen for an audit? If so, you are not alone. These fears, however, are largely unfounded. Only a small portion of US taxpayers are audited each year and...
If you tried to electronically submit your tax return and the IRS kicked it back noting that you had already filed a return, you might be the victim of tax-related identity theft. Don’t panic but do immediately contact the IRS and plan to file a paper return as well...
