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S Corporations: TaxPreparation, Tax Planning, and the Benefits of Professional Tax Help S Corporations , often referred to as S Corps, are a popular business structure in the United States, particularly among small to medium-sized businesses. However, navigating the tax landscape for S Corps can be complex.
27)—A taxpreparer who admitted to filing more than $3 million in fraudulent taxreturns on behalf of her clients is facing up to 30 years in prison for her crime. Crawford is not representative of most taxpreparers who provide honest services to their clients. (TNS) ATHENS, GA (Nov.
But what about when death and taxes coincide, such as when someone dies during the year and has a tax filing obligation? Unfortunately, when someone is deceased, the decedent’s personal representative is generally required to file any final taxreturns for the deceased person. 31, 2022, you can file a joint 2022 return.
This article will delve into the various tax services offered by Enrolled Agents, including personal taxpreparation, business taxpreparation, personal tax planning, business tax planning, IRS and state tax audit representation, back tax help and resolution, and 941 payroll tax problem resolution.
The Department of Justice is warning taxpayers to choose their returnpreparers wisely as the April 18 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a taxreturn could leave a taxpayer open to liability for unpaid taxes, penalties and interest.
Taxpreparation service Learn how to prepare your taxes accurately and efficiently with our step-by-step guide. Discover tax tips, deductions, and credits to maximize your refund. As the tax filing season approaches, many individuals and business owners feel overwhelmed by the complexity of taxpreparation.
Unscrupulous preparers who include errors or false information on a taxreturn could leave a taxpayer open to liability for unpaid taxes, penalties and interest. Taxpayers must look out for unscrupulous preparers, who often will promise refunds that are too good to be true,” said Deputy Assistant Attorney General David A.
With the 2025 incometax filing season coming soon, the IRS is encouraging all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN). IP PIN users should share their number only with the IRS and their taxpreparation provider.
IncomeTaxReturn for Estates and Trusts, is a complex tax form that is used to report the income and expenses of estates and trusts. Trust taxpreparation can be a challenging task, even for experienced taxpreparers. This can help you to avoid costly tax penalties and errors.
This time of year, everybody’s mind is on incometaxpreparation. The fact is, when it comes to many companies’ federal and state incometaxreturns, they don’t rely on an automated incometaxreturn. Why should sales tax be any different? They turn to experts.
By David Wichner, The Arizona Daily Star, Tucson (TNS) A taxpreparer in Tucson, AZ, already awaiting trial on drug-smuggling charges has been indicted by a federal grand jury, accused of filing fraudulent taxreturns to reap inflated fees. A phone message left for Nour at a number listed for Skyman Tax was not returned.
We will especially want to have this conversation if our clients taxreturn features one of the IRS red flags of the season. Below are key talking points we will want to review with clients to reassure them that we are prepared to walk them through an audit and to remind them of why working with a tax planner pays off in the end.
Read till the end to find a helpful table with all important 2023 Tax Deadlines for the Tax Year 2022! How much do small businesses pay in taxes? How to file incometax? How to file self-employment tax? How to file employment tax? How to file excise tax? How to file estimated tax?
According to the IRS, Arizona, California, Massachusetts, and New York have decided to work with the agency to integrate their state taxes into the Direct File pilot program for the 2024 filing season. In addition, the state of Washington agreed to join the integration effort for its application of the Working Families Tax Credit.
23, 2024, to two years in prison for a scheme to file false taxreturns, and to two years in prison for an unrelated online romance scam. According to court documents and statements made in court related to the tax scheme, Iona Coates owned and operated Bits & Bytes Accounting Services Inc.,
There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your taxreturn, the amount you owe, and various resources for taxpreparation service. Call us today at 1-877-788-2937.
Corporation IncomeTaxReturn, plays a crucial role in the world of taxation for corporations. In this blogpost, we will explore the key aspects of Form 1120 and its significance in filing corporate taxes. Form 1120, the U.S. As an accountant, it is essential to have a firm grasp of this form and its implications.
Despite your (and/or your accountants’)best efforts , occasional errors or omissions relating to your personal taxreturn are unavoidable. It is possible that you forgot to include a tax slip, overstated your expenses or was unaware of a specific tax credit. the new home buyer’s credit or the hybrid car tax credit.
Understanding the Tax Landscape for Small Businesses and the Self-Employed Key Tax Obligations Small businesses and self-employed individuals have several tax obligations that they must fulfill. This involves filing annual taxreturns and making estimated tax payments throughout the year.
The IRS has announced that it will start accepting and processing taxreturns on Monday, Jan. million individual taxreturns to be filed by the April 15, 2024, tax deadline. Although the IRS will not officially begin accepting and processing taxreturns until Jan. The agency expects more than 128.7
Our Los Angeles based tax firm, led by Mike Habib, EA, represents and helps business taxpayers get compliant with tax & accounting service, contact us today at 1-877-78-TAXES [1-877-788-2937]. What is incometaxpreparation service? What is business taxpreparation service?
24, 2024, to file various individual and business taxreturns. 16 and lets qualified taxpayers prepare and file federal incometaxreturns online using guided taxpreparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.
The Internal Revenue Service opened the 2024 tax season on January 29, 2024, accepting and processing federal individual taxreturns, and announcing that it expects more than 146 million individual taxreturns for 2023 to be filed this filing season. Another option is the Direct File pilot program.
Anyone who electronically files an amended individual incometaxreturn can for the first time select to have any resulting refund deposited into their bank account, the IRS said on Feb. Individual IncomeTaxReturn , with the IRS had to wait for a mailed paper refund check, adding an extra step onto the amended return process.
24, 2024, to file various individual and business taxreturns. 16 and lets qualified taxpayers prepare and file federal incometaxreturns online using guided taxpreparation software. It’s available to any person or family with an adjusted gross income (AGI) of $73,000 or less in 2022.
TNS) A Kennewick taxpreparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing taxreturns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. By Annette Cary, Tri-City Herald, Kennewick, Wash.
Law & Order Clark Hill Wins for Accounting Firm in Tax Dispute With Rock Band Member [ Clark Hill ] The Clark Hill trio convinced the court that the accounting firm was not liable for an employee’s business management and taxpreparation services she provided on the side for a member of a rock band.
Mike Habib, EA: Your Ally in Navigating Tax Problems Tax issues can be a source of significant stress and confusion. Whether it’s unfiled taxreturns, unpaid back taxes, tax audits and appeals, or 941 employment payroll problems, these issues can seem insurmountable.
The special week is the IRS’ latest effort in support of taxpayers and the tax community. Each year, millions of taxpayers seek the help of tax professionals to prepare their federal taxreturns and other filings. “As The IRS reminds taxpayers to make sure they choose a trusted, respected tax professional for help.
Does disaster relief apply to a taxpayer that is not in a disaster area, but the taxpreparer is? Per the IRS website , disaster relief applies to the clients of taxpreparers who are unable to file returns or make payments on behalf of the client because of a federally declared disaster.
You’d think it paid a lot in taxes, right? Well it paid precisely $0 in federal incometaxes last year. Sendil Palani replies : Professor, Respectfully, Tesla’s incometaxes are not an example of fraud. Tesla complies with all tax regulations in all of the regions of the world in which we operate.
love and taxes forever my heart- “Suitable for singles without dependents” LOL The game’s itch.io Iris here~ Tax Heaven 3000 is a visual novel dating game that actually prepares your 2022 federal incometaxreturn! The Tax Heaven 3000 application does not connect to the internet.
(TNS) The IRS announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. 1, 2024, to file various federal individual and business taxreturns and make payments. These taxpayers now have until Nov.
The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 2024 quarterly estimated incometax payments normally due on Jan.
Whether taxpayers regularly use a tax professional to help them file a taxreturn or they have decided to work with one for the first time, it is important to choose a taxreturnpreparer wisely. Taxpayers are responsible for all the information on their incometaxreturn.
A number of factors affect the time it takes to file taxes. Not all of these will be the responsibility of the taxpreparer. . First, you must make sure that you have all of the required documentation available for the taxpreparer. State or local property tax. TaxPreparation for Small Business Owners.
Most people that prepare their own returns need someone to review it for errors or omissions. Tax Comparison Schedule When your taxreturn is completed, you should review the tax comparison schedule your software provides for differences. This process should also include state and local incometaxes.
To validate and successfully submit an electronically filed taxreturn to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent taxreturn. The IRS has a couple of “special tips” to ensure the taxreturn is accepted by the IRS for processing.
It’s back to regular IRS deadlines this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their taxreturns online for free. That sort of virtual hand-holding is similar to what you’d get by using commercial taxpreparation software.
Our goal is to make sure that you have the tools you need to appropriately file your taxreturn this year. Due to the unprecedented challenges of 2020, the IRS extended the traditional incometax filing deadline to May 17, 2021. The current deadline for business taxpreparation and submission is currently April 15, 2022.
The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and business taxreturns and make tax payments. These taxpayers now have until Feb.
(TNS) A Columbus, GA-based taxpreparer has pleaded guilty in federal court to charges that she submitted false claims for tax credits for her clients and also failed to pay her own personal taxes. Word would submit fraudulent claims for earned income credits, education credits and business losses.
An Indiana woman pleaded guilty in federal court last Friday in the District of Columbia to conspiring to file false taxreturns and related charges. According to court documents and statements made in court, Awett Tedla of Indianapolis was the owner and operator of Speedy Tax Services, L.L.C., and District Heights, Maryland.
Understanding these distinctions can save you from unnecessary panic and ensure accurate reporting when filing your annual incometaxreturns. Consider Professional Help: Given the complexity of crypto taxes, consulting with an experienced crypto-savvy accountant is invaluable. How Withum Can Help?
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