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The Internal Revenue Service (IRS) expected taxpayers to file a Report of Foreign Bank and Financial Accounts (FBAR) by April 15, 2022. However, those who did not meet this deadline may have a get out of jail free card as the IRS provided an automatic extension to...
You take a deep breath and relax. You finally finished your small business’ tax returns. They are filed and you can move on — then boom. It hits you. You realize you made a mistake. You may have a moment of fear where all the possible outcomes of that mistake flash...
Tax Day has passed and yet not all taxpayers have filed or paid their taxes. According to the most recent data, the United States Internal Revenue Service (IRS) estimates that Americans owed more than $114 billion in back taxes from the 2020 tax year. These numbers...
Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help businesses during the pandemic. The law included increased availability of employee retention credits, or tax credits to help small businesses keep their employees even during...
A tax levy is a legal seizure of property to pay off a tax debt. In some cases, the Internal Revenue Service (IRS) may use a tax levy to take money from a taxpayer’s bank accounts to settle a tax bill. Taxpayers who are the subject of a tax levy and believe it was...
It is common for a nonprofit to get funding from government contracts. When it comes to those who operate in New York City, this may include contracts with the city itself. Unfortunately, the city is not always great about paying its bills. Scott Stringer, the former...
The federal government recently announced an attempt to crack down on the use of legal entities like limited liability companies (LLCs) and partnerships to engage in illegal activities like money laundering and tax fraud. The government aims to achieve this goal by...
It’s a brave new world out there, folks. The days of buying real estate with mortgages and cash offers may be eclipsed by the use of digital currency and nonfungible tokens (NFTs). Although the novelty of this process may seem appealing, there are a few things to know...
The Internal Revenue Service (IRS) may send taxpayers a correspondence requesting clarification or additional information. Taxpayers who respond to these notices may find themselves waiting weeks or months for a response. Taxpayers often wonder if this lag in response...
The feds get a copy of our tax forms, and financial institutions share information. This leads many to wonder why we need to file tax returns in the first place. Critics argue that the current tax return system is not necessary, but the result of commercial tax...