Monthly Archives: October 2021
Avoiding The Accrual Of Penalties And Interest On Unfiled Taxes
Although the deadline for filing taxes officially passed in mid-May, taxpayers who have not yet filed their taxes are not totally out of luck. In fact, taxpayers who are due refunds, but who missed the tax filing deadline, won’t be assessed a penalty for filing late. Regardless, taxpayers who missed the filing deadline and… Read More »
Understanding A Request From The IRS For Supporting Documentation
The IRS communicates with taxpayers primarily by mail. The agency sends CP75 or CP75A notices, for instance, when it needs additional documentation to resolve an issue. In most cases, taxpayers who receive this notice have done so because the IRS is auditing their tax return and needs more information to verify items that they… Read More »
Filing An Information Return
While most people are familiar with standard income tax returns, many are unaware of the existence of information returns. These returns must be completed by any taxpayers who are engaged in a business, including partnerships, estates, and trusts and who make reportable transactions during the year. There are a number of rules in place… Read More »
What You Should Know About Tax Refunds
While many people don’t look forward to tax season, most have warmer feelings towards tax refunds, which follow soon after. Collecting a refund is not, however, always a simple endeavor, so if you want to learn more about filing a tax return or have questions about the best way to track or collect a… Read More »
