Taxes are an important part of any economy, and governments levy taxes to generate revenue to fund their operations. Taxes can be levied on various entities, including individuals,...
Posted by Tiffany Gaskin on 03/31/2023
The United States tax system is tax strict meaning citizens are to voluntarily complete their tax forms when it is time for the taxes. Taxpayers must submit their tax returns on time...
Posted by Tiffany Gaskin on 03/14/2023
The sixth day of January 2021 was the day the Treasury Department and Internal Revenue Service (IRS) decided to bring the IRC Section 451 regulation to a conclusion. However, the decision...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 02/17/2023
Owing the IRS is not what an American citizen hopes for, but there comes a time it happens, and might be out of your hands. The consequences are flexible at first, but the tail is...
Posted by KLSM CPA Firm PLLC on 02/17/2023
If you invested your money in stocks and mutual funds and received dividends and capital gains distributions, you will likely receive a Form 1099-DIV from your payers.In this article,...
Posted by Tiffany Gaskin on 01/26/2023
The IRS requires that all income be reported on a tax return, and failure to comply can result in fines and sometimes penalties. However, most penalties and fines can be waived if...
Posted by Tiffany Gaskin on 12/08/2022
The gig economy applies to people ranging from freelance consultants to Uber drivers or full-time employees who do a side hustle. The tax returns are different whether you're paid...
Posted by KLSM CPA Firm PLLC on 10/30/2022
Nobody likes paying spousal support. At least when you pay child support, you know it is for your kids, not your ex. Long-term alimony (or maintenance, spousal support, or whatever...
Posted by Pat Raskob on 10/26/2022
Small businesses usually run into problems because of the IRS Trust fund. The money held by the employer in trust is used to pay the employee’s Social Security and Medical taxes....
Posted by KLSM CPA Firm PLLC on 10/26/2022
