What should Taxpayers Do when they Receive a Letter from the IRS?
Million of taxpayers could not pay their taxes or failed to file their tax returns. The number increases every year. Some taxpayers incorrectly filed their return. The Internal Revenue, in many cases, would send them a letter. Unfortunately, many taxpayers ignore the...
Could Taxpayers Shift Tax Liability to Tax Preparers?
Your tax return was filed as required. However, you found out that that it was not accurately prepared when you contacted a tax professional for a review, a bank or mortgage broker to apply for a loan. Many taxpayers have already received letters from the Internal...
Be Ready to Prove your Business Travel Deduction to the Internal Revenue Service
This tax tip provides some critical information on how to document expenses during a business travel to claim your tax deduction. Corporation or proprietorship - If you operate as a corporation, the corporation should reimburse you for the travel expenses or...
Do Taxpayers Need a Tax Resolution Firm to Resolve Tax Debts?
Getting a letter from the Internal Revenue Service (IRS) could be very stressful. It gets worse when you cannot reach the IRS through the phone number provided in the letter. A tax resolution professional who has access to the practitioner priority line could...
Tax Filing Deadlines are Over. What Happens When Taxpayers do not File?
As per the Internal Revenue Service, the Failure to File Penalty applies if taxpayers and businesses do not file their tax return by the different due dates. This tax year, for S Corporations and Partnerships, the due dates were March 15, and September 15 for business...
Understanding the Tax Filing Process
Extended Tax Return is Due on Monday, October 16, 2023 Taxpayers should ensure that they have and produce all their required tax documents when filing their tax return. A tax preparer is hired to prepare the tax return of the clients. The said preparer could not...
Getting Ready to File Your Tax Return
Taxpayers should ensure that they have and produce all their required tax documents when filing their tax return. Checklist to Consider for Your Tax Filing Personal information Last year income tax return if you are a new client Name, address, Social...
Tax Information for Individuals Moving to the United States
Let us assume that you have an acquaintance, a friend or relative who moved to the United States from a foreign country. Here is a high-level look at eight tax considerations your friend or relative needs to know: 1. Tax residency. A foreign individual’s income tax...
Are you a Real Estate Investor or a Real Estate Dealer?
You can have in your real estate portfolio both investor and dealer properties. This distinction is significant for tax purposes. Here is a snapshot of the potential tax differences: Suppose you profit $90,000 from a property sale: As a dealer, your tax...