If your tax return is chosen for an audit, it does not mean you are in trouble. Just be sure to organize your documents and provide the IRS with everything it asks for. Many of you probably wonder what your chances are of being audited. Although it is nearly impossible to calculate ...
There is no doubt that many taxpayers file their returns before the filing deadline so they can get their tax refunds quickly. But remember, the IRS does need some time to process your tax return before it can issue the refund. Watch this video to learn
if the IRS finds a substantial mistake or error on the taxpayer's returns or on other tax information, the IRS can review records for the past six years. Generally, most audits are for tax returns the taxpayer filed in the last two years. The IRS mails written requests for the specific...
The entire purpose of tax deductibles is to provide financial relief by lowering taxable income. By subtracting eligible expenses from their income, taxpayers can effectively retain more of their earnings. This had the added benefit of stimulating theeconomy, as the taxpayer now has greater disposable...
Tax Compliance Procedures for Tax-Exempt Bonds: Why Does the IRS Want Them and What Should Issuers Do?Michael G. Bailey
For example, you need to provide your Social Security number. If you enter an invalid number, the tax software will let you know. Support: Almost all tax software comes with some type of support. While one may have a library of basic tax laws, another may have a “Help” function or ...
Additionally, contributions to a traditional IRA may be tax-deductible, while contributions to a Roth IRA are made with after-tax dollars but can provide tax-free withdrawals in retirement. Therefore, a spousal IRA (whether traditional or Roth) provides taxpayers with long-term tax benefits that ...
Taxpayer Assistance Centers, on the other hand, provide face-to-face assistance to taxpayers who require in-person help with their tax matters. These centers are equipped with IRS representatives who can answer questions, provide forms and publications, and even assist with tax return preparation. ...
and provide incremental information on corporate governance (Dhaliwal et al.,2013; Guedhami and Pittman,2008; Kumar and Visvanathan,2003). Because tax information often reflects the economic realities underlying a company’s operations, it provides a vital means to corroborate the financial statements...
Video: Guide to Income Tax Refund GarnishmentVideo: What is a Federal Tax Lien?Facts about IRS Payment PlansThe above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other...