Tag Archives: Tax Problem Solutions

Ideas to Help Audit Proof Your Tax Return

  No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return.If you are like … Continue reading

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Some Exempt Organizations Owe More than $100K in Delinquent Payroll Taxes

While the majority of tax-exempt organizations are in compliance with all of their obligations, those that do not often are significantly delinquent on payroll taxes.  Tax-exempt organizations are, by their nature, not generally required to pay income taxes, they are … Continue reading

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IRS posts “Taxpayer Bill of Rights”

The IRS has just issued a “Taxpayer Bill of Rights” that you should be aware of. The Rights are divided into ten main categories. According to this “cornerstone” document you have The Right: *  to be informed *  to quality … Continue reading

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Check the Tax Rules Before Lending Money to Relatives

There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business. But lending money to relatives can have tax consequences. The … Continue reading

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Creator of Beanie Babies Hit with $53.5 Million Penalty for Tax Evasion

Ty Warner, the creator of Beanie Babies, has been charged with tax evasion for failing to report income in a secret offshore bank account. The 69-year-old Chicago-area billionaire has agreed to plead guilty and pay a $53.6 million civil penalty … Continue reading

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IRS Sends “Possible Income Underreporting” Notices

  Form 1099-K is a new information return sent to businesses by “payment settlement entities” reporting the amount of credit card and other electronic receipts that were processed for the business. The IRS also receives a copy of Form 1099-K … Continue reading

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Did You Receive a CP2000 Notice from the IRS?

Have you received a CP 2000 notice? Notice CP 2000 shows proposed changes to your income tax return. This proposal is based on a comparison of the income, payments, credits, and deductions reported on your tax return with information on these … Continue reading

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The IRS is Having a Bad Year

  First it was the acknowledgement of mishandling non-profit applications for groups with “Tea Party” and “Patriot” in their name. Then it was the bad publicity around lavish spending at IRS internal conventions and meetings. The latest oops is the … Continue reading

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If You Receive an IRS Notice, Here’s What to Do

Each year the IRS sends millions of letters and notices to taxpayers. Although some people may feel anxious when they receive one, many are easy to resolve. Here’s what to do if you receive a letter or notice from the … Continue reading

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IRS Identity Verification Requests

In recent years, the IRS has stressed its commitment to protecting taxpayers from tax-related identity theft. As part of this commitment, the IRS enhanced the Electronic Fraud Detection System (EFDS). In 2012, the EFDS detected 7.8 million potentially fraudulent returns. … Continue reading

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