by Pierre Philantrope | May 22, 2024 | Tax Tip
There is is a statute of limitations on Internal Revenue Service audits and tax assessments. The time period is called Assessment Expiration Date (ASED). Once the limitations period expires, the IRS cannot audit your return or assess any additional tax. You may have...
by Pierre Philantrope | May 15, 2024 | Tax Tip
When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes even when you hire a reputable payroll company because you cannot transfer your responsibility for compliance with tax laws as demonstrated in the...
by Pierre Philantrope | May 8, 2024 | Tax Tip
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 Service, in many cases, would send them a letter. Unfortunately, many taxpayers...
by Pierre Philantrope | May 1, 2024 | Tax Tip
An Offer in Compromise is a program offered by the IRS that allows taxpayers to settle their tax debts for less than what they owe. This program is designed to help taxpayers who are unable to pay their tax debts in full and are experiencing financial hardship. The...
by Pierre Philantrope | Apr 17, 2024 | Tax Tip
Per the Internal Revenue Service, the Failure to File Penalty applies if taxpayers and businesses do not file their tax return by their respective due dates. This tax year, for S Corporations and Partnerships, the due dates were March 15, and September 16 for business...
by Pierre Philantrope | Apr 10, 2024 | Tax Tip
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report with the U.S. Department...
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