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Learning Center

I Received a Letter from the IRS, Now What?

  • August 4th, 2020

2020 – 08/04 Finding a letter from the IRS in your mailbox can make some people go weak in the knees. Don’t assume it means trouble, since the IRS mails letters or notices for many reasons. Here are some DOs and DON’Ts for taxpayers if a dreaded letter shows up. First, don’t ignore it. Contact…

File cash transaction reports for your business — on paper or electronically

  • August 3rd, 2020

2020 -08/03 Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in two…

Unexpected Deposits from the IRS

  • July 31st, 2020

2020 – 07/31 Criminals never stop looking for ways to trick taxpayers out of their money. One scheme that made the IRS’s 2020 list of the top 12 tax scams to avoid (the “Dirty Dozen”) involves fake payments. It starts when a thief files a bogus tax return and has the related refund deposited into…

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