Tax audits can be dreaded stressful, expensive, time-consuming. The IRS is raising considerable additional tax bills on the returns the audit performs, and some of those tracking invoices have increased in size. Getting an audit notice from the IRS seems like a dreadful nightmare. Are you wondering to get the tips to avoid a tax… Continue reading Minimize the chances of being Audited by IRS
Author: sginccpa
IRS Offer In Compromise OIC tips to Settle Tax Debt (2020)
Tax Debt is just like torture to taxpayers. Especially, when a person meets with financial hardships and he/she can’t pay taxes which causes huge tax liabilities. But Don’t be Panic, IRS offers an agreement that could be the solution to settle your tax debt when you can’t afford to pay your tax debt. This Tax Debt… Continue reading IRS Offer In Compromise OIC tips to Settle Tax Debt (2020)
Tax Return Preparation Checklist A Complete Guide to File Your Taxes
Tax season set forward a lot of difficulties while getting gather all documentation that required to be convenient while taking a shot at your Tax Return. In this way, it’s a great opportunity to be mindful of the documents you have to prepare. Fortunately, a Tax preparation checklist lets you help to find and get things what… Continue reading Tax Return Preparation Checklist A Complete Guide to File Your Taxes
Late Tax Return Without Penalties
The deadline to file your tax return is almost here. Important!!! Tax Filing due date supposed to be April 15 except for Maine and Massachusetts residents, they get an additional two days until April 17 because of local holidays it typically moved to the next business day in these states. Sooner or later consistently, Americans… Continue reading Late Tax Return Without Penalties
Instructions for Payer Form 1099 MISC before 2020
Businesses are required to send copies of Form 1099 MISC to the IRS and the contractors if 10$ or more in royalties is paid by the business or 600$ or more in reimbursement to non-employees. Form 1099-MISC is payable by January 31st to report payments made the previous calendar year. An accounting firm can prepare and file… Continue reading Instructions for Payer Form 1099 MISC before 2020
Sales Tax Frauds and Penalties in Plano Texas
Tax crime snips you. In Texas, Retailers must use taxes on personal property or taxable services when they collect sales from it. People must know the sales and use tax laws in Texas to avoid committing tax crimes. The inability to pay taxes in the wake of collecting sales can cause serious penalties. The “statute… Continue reading Sales Tax Frauds and Penalties in Plano Texas
Delay in Clients Refund Without 1095 Filled
WASHINGTON –The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2017 tax return and avoid a delay in getting their refund next year. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the… Continue reading Delay in Clients Refund Without 1095 Filled
PayPal Rules for Issuing 1099 Forms
Over the past few years, there have been a number of changes and updates regarding the reporting rules for the mysterious 1099 Forms. First, keep in mind that the “general rule” is that business owners must issue a Form 1099-MISC to each person to whom you have paid at least $600 in rents, services (including… Continue reading PayPal Rules for Issuing 1099 Forms
CPA Tax Preparation VS Tax Planning Accountant
Tax Fraud, Tax Avoidance, and Tax Evasion Just as there is a really big difference between Tax Fraud, Tax Avoidance, and Tax Evasion, there is a great distinction between Tax Planning and Tax Preparation. Unfortunately, many individuals mistook tax preparation and tax planning as they seem to be used interchangeably. Although they are both very important, they’re… Continue reading CPA Tax Preparation VS Tax Planning Accountant
LLC-vs-Inc-limited liability company versus corporation
There are mainly three types of business entities in the United States. Mostly Startup owners consider it the same, but they are different. These are: 1. LLC stands for “Limited Liability Company” 2. Inc. or Corp Inc. stands for “Incorporation” and Corp as “corporation”, further divided into two types i. C-corp ii. S-corp New business owners often receive… Continue reading LLC-vs-Inc-limited liability company versus corporation