When a business has a net operating loss, it means there is a negative income. It happens when the tax that can be deducted from a company is more than taxable income. While this is...
Posted by Don Bell Law on 04/02/2020
For freelancers or categories of people that earn their income from delivering papers or other jobs, it is vital to pay self-employment taxes. You could be subjected to huge fines...
Posted by Premier Accounting & Tax on 04/02/2020
In 2015, Congress adopted a centralized audit regime for the partnership (the partnership audit rules) that assesses and collects federal taxes due to a partnership-wide audit entity....
Posted by Elliot Kravitz, ATP on 02/25/2020
For an “injured” spouse to regain the share of a joint return, they must file Form 8379. This is the case when a past-due obligation of the other spouse was applied by...
Posted by LLOYD J CAZES CPA on 12/28/2019
An IRS CP2000 warning is sent to the taxpayer when the income reported by third-party sources, such as an employer, a bank, or a mortgage company, does not match the income reported...
Posted by YourIRSTaxAdvocate.com on 11/13/2019
In general, if the IRS refuses your statement, it's probably because it contains an error other than a simple mathematical error. The IRS generally corrects mathematical errors...
Posted by Elliot Kravitz, ATP on 11/05/2019
So you thought everything will be fine once you amended your tax return but what happens if the IRS rejected it? The process of determining what could have gone wrong won’t always...
Posted by Debi G Hill, CPA on 11/05/2019
An amended tax return is a returned filed to either claim a more advantageous tax filing, or make corrections to a tax return from a previous year. The IRS is at liberty to reject...
The Tax Cuts and Job Act is the most crucial series of amendments to the US tax code in a few decades. The vast majority of the amendments will come into effect in the 2018 fiscal...
Posted by Flynn Financial Group Inc on 10/29/2019