The IRS says it’s targeting high-income taxpayers who haven’t filed federal income tax returns. How? With unannounced, face-to-face visits. The tax agency says it’s hired additional enforcement personnel and will increase collection visits nationwide with taxpayers who haven’t filed tax returns in 2018 or previous years. High-income non-filing taxpayers are generally defined as those who’ve … Read More
Due to the coronavirus (COVID-19) pandemic, the U.S. Tax Court building in Washington, D.C., is closed until further notice. Taxpayers may comply with statutory deadlines for filing petitions or notices of appeal by timely mailing a petition or notice of appeal to the court. (But petitions and other documents may not be hand delivered to … Read More
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes your company, one place you can look to for some assistance is the Small Business … Read More
As previously reported, taxpayers can defer filing a tax return and making certain federal income tax payments, due on April 15, to July 15, without penalties or interest. What if you need more time beyond July 15? Individuals can request an extension to October 15 by filing Form 4868. However, if you’re expecting a refund, … Read More
The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial reporting The duration and full effects of the COVID-19 outbreak are yet unknown, but … Read More
Have you applied for a business loan lately? Or had some repairs done on your facilities? Maybe you’ve signed a contract with a certain technologically inclined customer or vendor. In any of these instances, you (or one of your employees) probably had to electronically sign a digital document. So, the next question is: Why isn’t … Read More
Many people like to speak to a representative on the phone rather than being directed to online resources. The IRS is now providing more help to people who have overdue tax bills and need assistance. The agency is adding 800 phone line tax collection employees to provide phone assistance to taxpayers who have past-due tax … Read More
Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics The self-employment tax is imposed on 92.35% of … Read More
The IRS has removed two “in-game” virtual currencies, Roblox and V-bucks, from its list of examples of convertible virtual currencies. “Virtual” currency is a digital representation of value, other than real currency, that functions as a unit of account. “Convertible” virtual currency has an equivalent value in real currency. Roblox and V-bucks are “currencies” only … Read More
Auditors use various procedures to verify the amounts reported on your financial statements. In addition to reviewing original source documents and comparing trends from prior years, they may reach out to third parties — such as customers and lenders — to confirm that outstanding balances and estimates agree with their records. Here are answers to … Read More