Learn everything you need to know about the 2019 Tax Season

Article Summary: This nuts-and-bolts guide to filing your taxes will clue you in on how to prepare for and pay the latest round of federal taxes without making costly mistakes. From getting prepared before you fill out any forms, to choosing the right filing status and optimizing your deductions, to enlisting the assistance of software […]

These are the top Form 1099 mistakes to avoid.

IRS information returns (aka 1099s) are forms that collect and report information about financial transactions outside salary and wages. They help the IRS keep track of events that are likely to be taxable so it can hold taxpayers accountable for underreporting. If you are responsible for filing 1099s this year, here are some common pitfalls you […]

Tax Rules on Early Withdrawals

Are you thinking about withdrawing money from your retirement plan early? An estimated 1.5% of 401(k)s and IRAs assets leak out each year through loans, cashouts, and early withdrawals—so, you’re not alone. $26.1 trillion Total assets in retirement accounts (Source: Investment Company Institute) But how will this financial move impact your taxes and future? The […]

IRS whistleblower rewards

We’ve all heard the saying “snitches get stitches’ but how about, ‘snitches get riches’? The IRS Whistleblower Office accepts tips from individuals who notice tax problems in their workplace. If the IRS moves ahead and collects as a result of the information, they may pay the whistleblower an award of 15% to 30% of the total […]

How to Respond to IRS Letter 226J

How to Respond to IRS Letter 226J

Are you a business owner that the IRS considers an applicable large employer? If so, you’re required to provide your full-time employees with an opportunity to enroll in a health insurance plan with at least the minimum essential coverage. If you don’t meet the IRS’s requirements, however, you may receive IRS Letter 226J and be on the […]

How to Respond to IRS Letter 3174

When you owe money to the IRS, you will begin to receive letters. While you should always read them and respond right away, IRS Letter 3174 is especially important. It is the last notice you will receive before your property is levied or seized. Read on to learn more about this letter, how to respond, […]