CERTIFIED PUBLIC ACCOUNTANT
Instead of filing a separate tax return to report their children’s investments, some taxpayers elect to simply report the details on their own return and include Form 8615. While this option may appear to be more convenient, it may not be the most economical way to file. The following outlines... Continue reading →
Taxpayers are often unaware that the IRS distinguishes between innocent, or non-willful reporting, and mistakes and errors it considers being willful. Because financial penalties and even prison time are real possibilities, it is important that all taxpayers know the differences between these two types of IRS tax mistakes. Willful Mistakes... Continue reading →
Most people may be surprised to learn that the IRS Office of Appeals operates independently of the agency’s collection, examination, and accounts management functions. Therefore, the Office of Appeals does not conduct fact finding or investigative actions. In 2012, the Appeals Judicial Approach and Culture (AJAC) project began, and the... Continue reading →
Receiving a letter from the IRS in the mail can elicit an emotional response that is marked by fear and alarm. While the natural reaction may be to assume the letter contains bad news and to put it off for as long as possible, this is the last thing taxpayers... Continue reading →
Being a small business owner is not for the faint of heart. Every day brings a new challenge and a new stress. For many entrepreneurs, an IRS audit is one of these stressors. However, business owners can increase their chances of sailing through the audit unscathed by taking a few... Continue reading →
