Estimated Federal Taxes
Estimated Federal Taxes
Below you can find an example of what happens if a business owner doesn?t make ESTIMATED TAX PAYMENTS throughout the year:
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Expenses | Income | Liabilities | Tax | Tax Planning | Tax Problems?
When a husband says, “We are partners,” what does he REALLY mean?
The husband ran a successful medical practice earning over $650,000 in gross income. He employed his wife as a sales representative and paid her a little over $30,000/year. The couple had four small children. The wife didn’t participate in her husband’s meeting over finances and management.
The IRS found that the medical practice underreported its income by over $100,000. Over $40,000 tax liability notice of deficiency was mailed to the couple. The couple also faced a significant penalty for the underreporting/ underpayment.
Bookkeeping | Business | Tax
Returns relating to cash in excess of $10,000 received in a trade or business.
?Returns relating to cash in excess of $10,000 received in a trade or business. What forms to use when reporting receiving cash in trade or business in excess of $10,000? If you look at 26 CFR ? 1.6050I-1 – Returns relating to cash in excess of $10,000 received in a trade or business, you will…
Renewing ITIN
If your ITIN has expired and you will be filing a federal tax return, you merely need to renew it. The CP565 ITIN Assignment notification contains the ITIN assignment date. If you’ve lost your CP565, call 1-800-829-1040 or 1-267-941-1000, meet the requirements for an ITIN and submit a complete application.
The IRS paid out more than $7.6 million in fraudulent tax refunds.
The IRS paid out more than $7.6 million in fraudulent tax refunds. This case is being investigated by the IRS Criminal Investigation Division. Tax Refunds Fraud. Stealing tax money.
