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Timely Filing: Do You Want the IRS to File Your Tax Return?

2022 – 05/04 When taxpayers fail to timely file tax returns, the IRS may do it for them. One engineer had substantial income from various entities. For several years, he filed returns late or not at all and didn’t cooperate with the IRS. The IRS used third-party financial records to reconstruct his income and assess…

Tighten up billing and collections to mitigate economic uncertainties

2022 – 05/04 While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns…

Nonprofits: Form 990-N

2022 – 05/03 Form 990-N (e-Postcard) is supposed to be filed with the IRS by tax-exempt organizations with annual gross receipts of $50,000 or less. If a nonprofit files its 990-N improperly, the IRS may consider the organization as having not filed. And nonprofits that don’t file for three consecutive years automatically lose their exempt…

Where’s My Refund

2022 – 04/28 Are you waiting for a federal tax refund? Be patient. Most taxpayers who e-file and choose direct deposit receive refunds they’re owed within 21 days. However, as a recent IRS Tax Tip explains, several things might delay it. These include errors, incomplete forms and identity theft. Also, if you require a correction…

PRF Request to Report Late Due April 22

2022 – 04/20 Physicians who received more than $10,000 from the federal COVID-19 Provider Relief Fund (PRF) and missed the reporting deadlines now have until April 22, 2022 to request to report late. Providers who experienced one or more extenuating circumstances that prevented them from submitting a completed PRF Report in Reporting Periods 1 and/or…

Extensions Due October 17th

2022 – 04/19 For taxpayers who’ve filed for an extension, highlight this date on your calendar: Monday, Oct. 17. That’s the new deadline to file your tax return with the IRS. Be aware that an extension of time to file will automatically process if taxpayers paid all or part of their taxes electronically by this…

Key Rule: Matching Principle

2022 – 04/13 U.S. businesses must generally follow strict rules in how they report income and expenses. One key rule is the matching principle, which requires that income and related expenses be reported in the same period. Even when a business strictly adheres to “generally accepted accounting principles” (GAAP), the IRS might challenge it. In…

IRS: ID Fraud Letters

2022 -0 04/13 What happens if a thief steals your identity and files a fraudulent tax return? Although not all fraud can be easily detected, the IRS scans tax returns for possible fraud as they’re received. Returns that are flagged as suspicious will be pulled for extra review. If this happens with your return, you’ll…

The Economy and the War in Ukraine

2022 – 04/11 U.S. Treasury Secretary Janet Yellen recently warned lawmakers that the global economy can expect “enormous repercussions” from the war in Ukraine. In testimony before a congressional committee, Yellen explained that spillover from the war is heightening economic vulnerabilities in many countries already facing higher debt burdens and limited policy options as they…

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