Making a mistake on your tax return isn't as big a deal as you might think. The IRS allows you to file an amended tax return to correct any errors you may have made, including missed tax deductions. If you made a mistake or missed something on your lates
The IRS is headed by a commissioner who has a five-year term of office and is appointed by the president with the advice and consent of the Senate.19Danny Werfel became the 50th IRS Commissioner in March 2023.20The other position appointed by the President is the chief counsel, who is the...
While the IRS typically audits returns filed within the last three years, it’s better to get ahead of any potential issues. Mistakes happen and they can be easily fixed by amending your return.Filing an amended tax return as soon as you can is highly encouraged...
The Internal Revenue Service (IRS) knows it has a big problem. Estimates from the IRS reveal a gross tax gap of $688 billion between 2020 and 2021 (its most recent estimate). The tax gap is the spread between what the government thinks it should be collecting and what it collects.1 Som...
Optima’s attorneys handle all IRS interactions, audits, and appeals on your behalf, alleviating the stress of managing these challenges alone. We act as your advocate, protecting your rights and striving to achieve favorable outcomes, such as reduced penalties or flexible payment terms. Effective...
The IRS conducts these audits entirely through the mail. The IRS will make an adjustment or correction to a return, indicate the change, and calculate additional tax or refund due. Then, the taxpayer can either pay the additional tax or collect their additional refund if they agree with the ...
You’ll also need to handle payroll tax filings yourself to stay compliant with IRS and state regulations. This might work for very small businesses, but it can quickly become overwhelming as your team grows. What’s the easiest payroll solution for small businesses? The easiest payroll solution...
Record retention laws also impact electronic messages. Requirements vary for regulations overseen by the IRS, the Payment Card Industry Data Security Standard, the Freedom of Information Act, the Health Insurance Portability and Accountability Act (HIPAA), the Sarbanes-Oxley Act, and the Gramm-Leach...
have turned to the gig economy to earn extra money. Currently,36% of employed individualsare independent workers, and this number will only increase. Your business can benefit from self-employed contractors, but it’s important to understand how to classify these individuals with the IRS. ...
No award will be paid unless the information submitted to the IRS is submitted under penalty of perjury.Reward claimants often send documentation to substantiate their claim with a completed Form 211 which includes an explanation as to how the information being reported came to the attention of ...