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:
Below you can find an example of what happens if a business owner doesn?t make ESTIMATED TAX PAYMENTS throughout the year:
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.
?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…
Will My Unpaid Taxes Be Forgotten by the IRS? Most of us are tempted to save money. We work very hard to earn it and we don’t want to give it away to the government, no matter how much they claim they use it for our benefit. We never see any receipts from the government…
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. This case is being investigated by the IRS Criminal Investigation Division. Tax Refunds Fraud. Stealing tax money.
What To Do If You Can’t Pay Your Taxes? Let’s say you got a letter from the IRS and you are shocked, of course. Well, first of all, breathe and open it. Second, read it carefully. Let’s say this is the first letter the IRS has sent you. It is most likely just a bill…