What is an Accounting Method?An accounting method refers to the rules that a business follows when reporting income and expenses. The two main accounting methods are accrual accounting...
If you've made a mistake on your tax form, don't panic. There are processes and forms to remedy the situation.The worst thing that can happen with a mistake is interest and...
On September 5, 2019, the Treasury Department and the IRS released proposed regulations that would affect when taxpayers report their gross income amounts. In general, section 451...
There are some rules from section 451 (c) as amended by the TCJA, which makes available ways to have advance payment in income for the tax year that it was obtained.The amendment of...
Posted by Elliot Kravitz, ATP on 11/07/2020
What is the Internal Revenue Code?The Internal Revenue Code refers to Title 26 of the United States Code. "Formal consolidation and codification of the United States' general...
Taxpayers are allowed to amend tax returns using the form 1040x if the following cases occur: a mistake was found in the tax return, failure to file eligible deductions or credit,...
One of the things every first time business owners need to know is filing tax. As long as they pay employees, quarterly filing of taxes is essential. This is where Form 941 comes in....
When Do You Need to Amend Your Tax Return?Filing an amended tax is a nightmare for many people. You have tried your best to be diligent with the preparation. You spend sleepless nights...
The Internal Revenue Code (IRC) talks about Title 26 of the U.S. Code. It is commonly called IRS Code or IRS tax code with laws enforced by the Internal Revenue Service. The United...
Posted by Elliot Kravitz, ATP on 08/28/2020