Taxpayers are always asking "How many years do I need to maintain my tax records before I can dispose of them?" What Tax Records Must be Maintained? You must keep records such as receipts, … [Read more...] about IRS Record Retention Guidelines
IRS Tax Planning Ideas, Tips & News
Tax Planning – Will Future Taxes Increase?
The House Ways and Means Committee on Monday released legislative text for proposed tax changes to be incorporated in the budget reconciliation bill known as the "Build America Back Better" act. … [Read more...] about Tax Planning – Will Future Taxes Increase?
Why Was My Company Selected for a Sales Tax Audit?
So you have received a notice from a state informing you that your company is being audited for sales (and use) tax compliance. The first question that usually comes to mind is "Why me?" The Most … [Read more...] about Why Was My Company Selected for a Sales Tax Audit?
Psst! Do You Want to Buy a Rolex Watch Real Cheap? And It’s Not Hot!
Would you like to purchase a home, an automobile, or a Rolex watch and name the price you are willing to pay? U.S. Department of Treasury Has Inventory for Sale The U.S. Treasury Department … [Read more...] about Psst! Do You Want to Buy a Rolex Watch Real Cheap? And It’s Not Hot!
Why Did the IRS Select Me for an Audit Exam? [Part 1]
The receipt of an IRS notice informing the taxpayer that s/he was selected for an audit examination naturally creates anxiety. Let's look at why a return is selected for an audit exam by the … [Read more...] about Why Did the IRS Select Me for an Audit Exam? [Part 1]
IRS Mess Creates Taxpayer Anxiety
The IRS has a huge backlog on its hands due to its pandemic closing; lack of Congressional funding; increase of IRS responsibilities regarding stimulus payments, unemployment compensation benefits, … [Read more...] about IRS Mess Creates Taxpayer Anxiety
