If you have recently undergone an audit with the IRS, you will receive an examination report in the mail (Letter 525). This report will share the proposed changes to your tax return which may include additional tax and penalties. If you are wondering what to do next, here’s some guidance on how to respond to […]
Did you receive letter 2205 from the IRS stating that you’ve been selected for an examination (i.e. audit)? Don’t worry, while it can be stressful to have the IRS audit your return, you are not in trouble. You just need to clarify your situation. The most important thing is to read the IRS notices you […]
Once you file your taxes, you can breathe a sigh of relief. The big task is done for the year. However, your taxes aren’t safe from further assessments until three years after you file them. You may receive a notice which requires you to dig back in. One such notice is for underreported income (CP-2000). […]
34,000 The number of audits that still resulted in a refund in 2018. The IRS audited 0.5% of all tax returns filed in Fiscal Year (FY) 2017 which amount to about 1.1 million audits. While receiving an IRS audit letter is enough to give you a lump in your throat, it’s not always a bad […]
A 90-day letter (CP3219N) is a notice of deficiency. What it means is that the IRS did not receive your tax return so it calculated your tax, interest, and penalties for you. The IRS bases their calculation on information reported by your employer(s), financial institutions, etc. When you receive the letter, you have 90 days […]
As 2018 comes to a close, it’s time for last-minute tax planning. Just a few tweaks could save you a bundle on your taxes. However, timing is crucial with taxes. Act before it’s too late and take advantage of all the tax breaks available with our tax tips for 2018. The first thing to remember […]
154 million Tax returns processed by the IRS in 2018 It’s scary when you receive an unexpected envelope in the mail from the IRS. An IRS notice can mean any number of outcomes, but not all of them are bad. This ultimate guide to IRS notices will describe the types of notices that may come […]
The New York City’s Taxi and Limousine Commission approved new rules yesterday that are designed to set a minimum wage of $17.22 an hour for Uber and Lyft drivers. Last August, New York’s City Council also set a cap on new vehicle licenses for ride-hail services. The purpose of these measures is to regulate the […]
Federal student loans offer deferment and forbearance options to help borrowers during times of financial hardship. If you qualify, you can temporarily reduce or pause your loan payments. But what about private loans? Can you get a deferment or forbearance on private student loans? Do they offer similar repayment protections? Here’s what you need to know. 8 lenders that offer deferment […]
Beginning next year, HSBC Bank will connect with Chicago based Avant Inc. to offer personal loans of up to $30,000 to it’s U.S. customers. Loans with terms of up to five years will be available. Our platform provides HSBC with a tried and true technology solution that is customizable and provides the tools to help […]
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