Understand The IRS Form 1099-C And 1099-C Statute Of Limitations
June 14, 2024
Dealing with debt is stressful enough—then comes tax season, and suddenly, you’re hit with IRS Form 1099-C. If a creditor cancels a debt of $600 or more, they’re required to send you this form, and it’s also reported to the IRS. That canceled debt might now be considered taxable income, which can come as an…
The Statute Of Limitations On Tax Evasion & Tax Fraud
March 27, 2024
Navigating the intricate landscape of tax laws and regulations involves understanding key legal concepts, including the statute of limitations on tax evasion and tax fraud. These statutes delineate the maximum timeframe within which legal proceedings can be initiated against individuals or entities suspected of tax-related offenses. In this comprehensive guide, we’ll explore the distinctions between…
What Is Tax Compliance And Why Is It Important?
November 17, 2023
Tax compliance is all about playing by the rules when it comes to taxes. Whether you’re an individual or a business, it means following the laws and guidelines set by the government to report your income and pay the right amount of taxes. Staying on the right side of tax compliance helps keep things fair…
How Does The IRS Contact You?
November 7, 2023
The Internal Revenue Service (IRS) is the United States government agency responsible for collecting taxes and enforcing tax laws. For individuals and businesses, receiving communication from the IRS can be a source of anxiety and uncertainty. Understanding how the IRS contacts you is essential to distinguish legitimate communication from potential scams or fraudulent attempts. In…
Your Rights As A Taxpayer When Dealing With The IRS
November 7, 2023
Your rights as a taxpayer are a cornerstone of the U.S. tax system, providing you with important protections when interacting with the Internal Revenue Service (IRS). Understanding these rights is essential for anyone facing tax matters, as they ensure that you are treated fairly, respectfully, and in accordance with the law. In this overview, we’ll…