Every year, the Taxpayer Advocate Service submits a mid-year report to Congress that outlines serious problems facing taxpayers and makes recommendations on how to mitigate those problems. This article outlines the main takeaways from the report and solutions for the next filing season.
Every year, thousands of people across America get a CP2000 letter from the IRS. In this article, we explain what the CP2000 process and how to handle the IRS. We also outline the exact filing steps to combat a CP2000 letter.
If you own your own business, by hiring your children you can save in the following ways: Salaries paid to children under 18 are not subject to Social Security or unemployment taxes (in most states). No Federal withholding taxes are required if the child is under age 21 and earns under $5,950 per year. Even if the child must pay taxes, the child’s rate of tax is normally lower than
On average less than 2% of over 90 million tax returns are selected for audit each year. The percentage increases for higher income groups and tax returns in areas of specific interest to the IRS. If you should receive notice from the IRS of an impending audit please remember: IRS computers usually flag the tax returns for audits. The vast majority of them are routine. Because of the flagging process,
