You may be going through the day's mail and notice a letter addressed to you from the Internal Revenue Service. In the immortal words of Douglas Adams, "Don't Panic." This may be your anticipated federal tax refund. On opening the envelope, removing the letter or notice, you note an acronym that
What You Should Know Before Filing Doubt As To Liability
Let me set the stage for you. It's a Thursday, the week's almost done, you're about a third of the way through the month, you're already making your weekend plans (a combination of chores and recreational activities), when suddenly, you remember you haven't checked your mailbox since Monday. Of
How To Complete Form 433-B
"...in this world nothing can be said to be certain, except death and taxes." -Benjamin FranklinFitting that one of our founding fathers said it. It's so American, it may as well be etched into the Bill of Rights. Jokes aside, not a tax season goes by where someone doesn't utter this phrase --
Offer In Compromise Statute Of Limitations
Behold, the numbing world of tax law which can effectively bore and confuse many small business owners from across the country. One of the most talked-about subjects is none other than an Offer in Compromise Statute of Limitations granted to the Internal Revenue Service. Too much is provided which
What are the Penalties for Filing a Late Tax Return?
Having to file a tax return late is always a tough situation. The extra fees can be steep and the longer you wait the more in danger you are of being subject to the failure-to-pay penalty. However, if you find yourself in this position it’s important to know what the penalties are so you plan for
IRS Audits Lower than Ever
The figures don’t lie. The number of IRS audits has fallen below 1% once again. This marks the lowest number since 2005, and it’s a cause for relief for those in all tax brackets. We’re going to take a closer look at what this means for you.Why Did it Happen?The main reason why audits fell to
IRS Audits Explained
Many taxpayers are under the assumption that an IRS audit means an agent from the IRS is going to show up at their door. However, there are different types of IRS audits. Today we are taking the time to go into details about them. Correspondence Audits If you made an error when filling out your tax
Ways to get audited
For small and big business to individuals and couples, take a look at 14 ways to get audited by the IRS assembled over at kiplinger.com. It's a good list with a wide range of examples--some obvious, some not so obvious. In the end, it sort of re-affirms the general idea that the IRS is