Filing a prior year return start the Statute of Limitations clock – as a general rule, the law allows the IRS to audit any return up to three years back from the date it’s […]
From the IRS Tag
Yes! What records you need for your business should be shaped by the needs of your business (not the IRS). If you need detailed records of inventory or customer receivables, then keep them. And […]
As we approach the tax deadline, taxpayers are anxious to receive their tax refunds. Rumors about refunds often circulate online. The IRS dispelled five of these myths about tax refunds. We’ve summarized these myths […]
The Internal Revenue service offered taxpayers some tips today to help clear up some common misconceptions and provided a list of common tax myths. We hear these misconceptions often and have summarized the IRS […]
We heard last week that the max personal tax category would be 37%. We now have info on all the personal tax categories along with a few more details. One more committee review then […]
For decades, we’ve all dreaded the task of tracking vehicle miles for tax purposes. But it’s always a good idea, always something the IRS Agents ask for in our office whenever auto expenses are […]
You’re going to love this one but you’ll need a little background in two areas first. BitCoin is an emerging form of currency that’s essentially tracked as an electronic balance instead of printed on […]
For the past few years the IRS seems to constantly find itself on the negative side of national press. Most recently the US House of Representatives has entertained the possibility of impeaching IRS Commissioner […]
Our office has received numerous reports of the following: Someone calls, identifies themselves as an IRS Agent, tells you that a lawsuit has been filed and that local authorities will be sent to your […]
The Hobby Loss Rule is a presumption long relied on by the IRS to disallow expenses claimed by taxpayers who show losses on their Schedule C. A recent report from the Treasury Department’s Inspector […]