The rising cost of bookkeeping makes it prohibitive to staff an individual or even a small team to accomplish this task. Beyond simply the cost, the risk of inaccurate figures or incorrect quarterly tax payments can be distressing to already overworked business owners.
The IRS is taking a closer look at employers who try to evade employment taxes.
The IRS audit is a constantly developing process. It’s history, which dates back to the industrial revolution and stock market crash of 1929, is extended and complex.
Former IRS Commissioner, Douglas Shulman, told C-SPAN in an interview back in 2010 that he does not prepare his own taxes; instead, he hires a preparer. You’d think, as the then-current IRS Commissioner, he would prepare his taxes himself just to see what other taxpayers experience, but he admitted he can’t.
This article discusses the extension of the Section 179 depreciation provision that allows business owners to accelerate depreciation on certain assets against business income in year one. This predominantly benefits new, small businesses, allowing them to deduct a large portion of upfront asset acquisition.
As the federal tax filing deadline fast approaches and with the IRS in pursuit of these undisclosed offshore accounts, make sure you are in compliance.
The author makes some really great points about tax filings. Anyone that has ever worked in the tax industry will echo these sentiments.
“Once upon a time . . .” is how most fairy-tales begin. There are generally no fairy-tales to speak of when dealing with the federal government, but if there was one, it would definitely be the Offer in Compromise (OIC).
Most procedural opportunities to stop or delay collections present themselves soon after the tax debt is assessed. As a result, engaging professional help for IRS debt settlement sooner than later is absolutely crucial.
Many US citizens look at an opportunity to live and work overseas as an adventure, full of excitement, an opportunity to explore new cultures, languages, foods, and people. Often, the last thing on their mind is how living abroad will affect their taxes.