We know the story all too well: finances are tight so you either don’t file your tax return, or file the return but don’t pay the balance due. But you tell yourself not to worry as next year things will get better.
Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, credits and distributions are allocated to its shareholders’ on a pro rata basis.
The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended.
We all have a responsibility to pay our taxes each year. But what happens when the amount you owe has spiraled out of control?
Often in an IRS audit, the tax examiner will ask for your mileage log at the beginning of the audit. If you do not have a mileage log, what should you do?
If you have been procrastinating about filing your 2017 tax return or have unfiled tax returns for prior years, you need to consider the consequences, such as penalties, interest, and aggressive IRS collection actions.
Leading up to the passage of the Tax Cuts and Jobs Act, there was considerable discussion about repealing the estate and gift tax. That didn’t happen! But Congress did double the value of an estate that is excluded from being taxed,
Taxpayers often want to know how long the IRS has to audit and assess additional tax on their tax returns. For taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.
If you’re a small business owner you may have experienced unpaid payroll tax problems at one time or another. Once you fall behind in making your payroll tax deposits it can be difficult to catch-up.
The IRS has the authority to enter into payment plans with taxpayers who owe back taxes. In a effort to streamline the processing of these agreements the IRS continues to test expanded criteria for taxpayers requesting installment agreements.