by Paula Kennedy, EA | Aug 24, 2020 | Tax
Many taxpayers have been receiving a balance due notice from the IRS even though they sent in their tax payments to the IRS months ago. At one point, the IRS had approximately 12 million pieces of unopened correspondence in its inventory. Despite this unprocessed...
by Paula Kennedy, EA | Aug 19, 2020 | Tax
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the inability to pay your tax liability in full...
by Brian Hare, CPA, CGMA | Aug 4, 2020 | Business, Tax
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to file these transaction reports. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than...
by Paula Kennedy, EA | Aug 4, 2020 | Business, Tax
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage...
by Paula Kennedy, EA | Jul 21, 2020 | Tax
Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means...
