What is a tax assessment?
What is a tax assessment? In the realm of taxation, few terms carry as much legal and financial weight as a tax assessment. Whether issued by the Internal Revenue Service…
What you should and should not do when you get mail from the IRS.
What you should and should not do when you get mail from the IRS. Opening the mailbox to find an official letter from the Internal Revenue Service is an experience…
Standard vs. Itemized Deductions: How to choose the option that saves you the most money.
Standard vs. Itemized Deductions: How to choose the option that saves you the most money. When preparing your tax return, one of the most critical decisions you make is choosing…
Navigating IRS Form 1120-S Late Filing Penalties: Rules, Calculation, and Mitigation Strategies
Navigating IRS Form 1120-S Late Filing Penalties: Rules, Calculation, and Mitigation Strategies For an S Corporation, federal income tax compliance is structured around an informational return: IRS Form 1120-S (U.S.…
How to Report Cryptocurrency Investments on Your Return.
If you're trading in cryptocurrency you're going to have to report any gain/loss on your return. The Internal Revenue Service ("IRS") and the Securities and Exchange Commission ("SEC") have repeatedly…
IRS offers summer tips for temporary jobs, marriage, deductions and credits
IR-2018-149, July 12, 2018 WASHINGTON — Before starting a summer job, taking a vacation or sending the kids off to camp, the Internal Revenue Service wants taxpayers to know that…
Currently Not Collectible Status
Sometimes you know you owe tax to the IRS. Even though you know you owe the amounts your financial situation puts you in a position where you just cannot pay…