Wondering what the IRS may consider as reasonable cause? We have listed 9 factors below. RELATED: How To Prepare For A Tax Audit | Worker Classification In this article: Death, Serious Illness, or Any Unavoidable Absence Natural Disasters Such as Fire and Other Casualties Being Unable to Obtain Records as Reasonable Cause Erroneous Advice Received by the … [Read more...]
Independent Contractor VS Employee: 4 Differences Taxpayers Need To Know
Here are the fundamental differences that govern the tax treatment of an independent contractor vs employee, which every taxpayer should know. RELATED: What Are The Penalties Employers Will Face Under Employee Misclassification? In this article: State and Federal Income Tax Social Security and Medicare Tax Unemployment Tax on Wages Required Forms 4 Tax … [Read more...]
IRS Offer In Compromise | What Is It And How Can It Help You [INFOGRAPHIC]
An IRS offer in compromise can do wonders for you, especially if you are struggling to make ends meet. Read on to learn more. In this article: What Is an IRS Offer in Compromise? How Does It Work? Important Considerations for the Offer in Compromise IRS Frequently Asked Questions IRS Offer in Compromise | Important Things to Know Click here to jump to the … [Read more...]
IRS Penalties For A Bounced Check
A bounced check can merit severe repercussions from the IRS, which should motivate taxpayers to know more about the IRS bounced check process. RELATED: How To Avoid Taxes Through The Mortgage Forgiveness Debt Relief Act In this article: IRS Returned Check: What Happened and What Will Happen? What Are the Penalties for a Bounced Check? IRS Bounced Check … [Read more...]
7 IRS Code 6662 Accuracy-Related Penalties
Anybody can make mistakes, especially with something as complex as taxes, but the IRS code still levies penalties on inaccurate tax returns. This makes it important to be aware of common inaccuracies and how to avoid them. RELATED: What Is A Levy On A Bank Account And How Does It Work? In this article: IRS Negligence Penalty Penalty for Negligence or Intentional … [Read more...]
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