The article presents recommendations for people responding to tax return inquiries or audits from the U.S. Internal Revenue Service. Recommendations include being prompt in responding to inquiries, documenting expens...
The Tax Advocate Service, an independent office of the Internal Revenue Service, offers free services to eligible taxpayers who need help with federal tax issues. Tax Advocates function as the voice of taxpayers, businesses and individuals, who have difficulty resolving IRS issues on their own. Bef...
Before responding to an IRS Cp2000 notice, it is crucial to understand its purpose and implications. The Cp2000 notice is sent by the IRS when there is a discrepancy between the income, payments, or credits reported on your tax return and the information the IRS has received from employers,...
Submitting paperwork to the IRS is just part of the equation; most states require employers to report new hires to their state employment agency as well. This is typically done through a new hire reporting program, which helps states:
How to report cash payments to IRS You must report the total amount of cash payments that are made in the course of your business. This includes payments made to contractors, suppliers, and employees. Cash includes “coins and currency of the United States or any foreign country” and cashier...
Before you hire anyone (and in order to set up payroll), you’ll need to get an employer identification number (EIN) from the IRS. EIN’s are also known as an “employer tax ID.” You use it to report taxes and other information to your state agencies and the IRS. ...
integration, which is another term that some use for the concept of the give and take, tug and pull between work and personal life. So how can employers meet the diverse needs and desires of their employees and achieve work-life balance, particularly if it means something different to each ...
When IRAs were established in the early 1970s, the IRS instituted a minimum amount that seniors had to withdraw each year to ensure it got its share of tax-deferred accounts. In 2023, theSecure Act 2.0bumped the age that RMDs must begin from 72 to 73. It will increase again to 75 in...
The key is planning for this expense throughout the year. Quarterly donations are a great way to stay ahead and keep the contribution size reasonable. In the event an individual donates above the deductible limit, the IRS allowscarryforwardsfor up to five years. This provides a bit of wiggle...
Quarterly taxes areestimated paymentsmade to the IRS or relevant state tax authority to cover taxes due on income, self-employment, and other taxable activities. Without proper planning, these quarterly payments can derail your financial goals and plans (as I’ve witnessed happen to multiple small ...