2020 – 09/17 Taxpayers have the right to know what they need to do to comply with the tax laws. “The right to be informed” is included in the IRS’s “Taxpayer Bill of Rights.” The tax agency explains that this means you have the right: to have a clear explanation of the laws and IRS procedures in all IRS materials, including in correspondence; to be informed of IRS decisions about your tax accounts; and to receive clear explanations of the outcomes of IRS decisions. You can learn more about this right here:
Similar Posts
CPA | Taxes | Wealth AdvisorDemystifying the Income Tax Reporting System
Once tax season is over, it’s not too uncommon for taxpayers to receive an inquiry letter for more information about…
Last Day to File
2020 – 08/21 Did you ask for an extension for your 2019 tax return this year? If so, keep in mind that Oct. 15, 2020 is the last day to file for most people who requested an extension. You can file your return any time before that date if you have all your required tax…
Choose the Right Financial Engagement for Your Business
Navigating financial reporting can feel overwhelming when terms like ‘audit,’ ‘review,’ or ‘agreed-upon procedures’ are thrown around. But choosing the right engagement for your business isn’t just about compliance—it’s about saving money, improving operations, and making informed decisions. Here’s what you need to know to pick the right service for your needs. Audits: The Gold…
IRS Resumes Enforcement Activities
2020 – 08/14 The IRS is partially resuming its enforcement activities. In March, the tax agency’s Small Business/Self-Employed (SB/SE) Division announced that it was suspending some enforcement activities due to the COVID-19 crisis. In cases where a taxpayer may have been affected by a disaster, the IRS could use “soft contact” procedures to contact the…
Social Security and Medicare Taxes
2020 – 08/10 In an executive order, President Trump directed that Social Security and Medicare taxes be deferred from Sept. 1 through Dec. 31, 2020. There are still many questions that are unanswered about how this will work and there may be legal challenges. At this point, the taxes are just deferred, meaning they will…
Do You Have a Financial Safety Plan?
2020 – 08/13 A disaster can strike at any time whether it strikes your home, your city or a much bigger area. That’s why the IRS is encouraging taxpayers to think ahead and prepare. This may include developing an evacuation plan, assembling kit of essential supplies and putting financial safety measures in place. Here are…
