What You Need to Know About the IRS and Tax Audits

The IRS has long been a bogeyman for the American public, and there’s good reason for that. They have the unique ability to do what few other creditors can: taking your home and selling it out from under you. Still, despite its remarkable…

Should You Get an IRS Identity Protection PIN?

An Identity Protection PIN (IP PIN) is a six-digit number assigned to eligible taxpayers by the IRS to help prevent the misuse of their Social Security number by ID thieves to file fraudulent federal income tax returns. The IP PIN aids IRS in…

4 of the Most Common IRS Tax Problems

For years, politicians have been talking about simplifying the process of filing federal taxes, but despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to…
Capital Building

Businesses Have 60 Days to Notify the IRS of Changes in Contact Information and Responsible Party

The Internal Revenue Service (IRS) is reminding entities with Employer Identification Numbers (EINs) of their responsibility to update that information whenever the contact information or responsible party changes. IRS regulations require EIN…
Hobbies
,

You Can Expense Business IT Purchases

Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets purchased…

Tax Court Decision Holds Potential Impact for Travel Deductions

There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court –…
US Currency
, ,

Tax Consequences of Crowdfunding

Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees generally ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo.…

IRS Offers New Identity Protection for Taxpayers

In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred to as identity protection (IP) PINs. The IP PIN is a six-digit…

2021 Standard Mileage Rates Announced

The Internal Revenue Service (IRS), each year, computes standard mileage rates for the use of a vehicle for business, medical and moving purposes based on a number of factors, to determine the standard mileage rates for the following year. As…