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This tax season has been one of the most complicated and confusing in recent memory. Of course, this is due to the implementation of the Tax Cuts and Jobs Act, which was signed at the end of 2017 but Americans who file annually only now crunched the numbers and filed...
The first tax year under 2017’s Tax Cuts and Job Creation Act has left a lot of taxpayers and tax professionals confused and frustrated. Now with the April 15 deadline just around the corner, the agency announced that it would again expand the threshold for...
If you work in a large corporation, you’ve probably undergone mandatory information security training every year since you started. Companies are becoming more and more aware of the myriad cybersecurity threats that could put their sensitive...
The IRS has announced that the Tax Cuts And Jobs Act of 2017 provides more time for individuals and businesses to bring a civil action for wrongful levy or seizure. In an attempt to satisfy a tax debt, IRS levies permit the legal seizure and subsequent sale of any...
If you were to hazard a guess, do you think that Americans are less likely to cheat on their diets, academic tests, romantic partners or taxes?The answer may surprise you--a recent study has shown that Americans are far less likely to cheat on their tax returns than...
When many people imagine a tax audit, they picture shadowy IRS agents combing through tax returns to seize upon every tiny flaw. This misconception couldn’t be further from the truth. No one looks forward to a tax audit, but the process is not necessarily as...
For Ohio business owners, there are a variety of situations that can be very alarming ones. Among these is their company receiving an Audit Commencement Letter. This can mean that the state’s Department of Taxation will be performing a sales tax audit on their...
Sometimes an audit happens by chance, but in many other cases, it happens because of some sort of discrepancy that the IRS discovers in your tax filing. It can be extremely stressful to be audited when you have put many hours into sorting all your paperwork and...
On January 18, the U.S. Treasury Department proposed regulations pertaining to tax audits for large partnerships. These rules also apply to limited liability companies and other business entities treated as partnerships for federal tax purposes.Although the rules...
One of the most important elements of tax planning and preparation is recordkeeping. While this may seem the epitome of the routine and mundane, you must realize that it may be one of the most important parts of asserting any claim or defense, should the Internal...