A taxpayer need not panic should he or she receive a CP2000 Notice about income underreporting, as long as they know how to handle the process properly. RELATED: 9 Types Of IRS Letters And Notices And What They Mean In this article: What Is the IRS CP2000 Notice For? What Does the CP2000 Contain? Who Typically Receives a CP2000 Notice? How Does the IRS Find … [Read more...]
What Is The IRS Negligence Penalty?
Seeking clarity on the IRS negligence penalty? This article serves as a guide to protect you and your business. RELATED: Tax Penalty For Underpayment [2019 Edition] In this article: What Is an IRS Negligence Penalty? How Much Is an IRS Negligence Penalty Amount? What Is the Difference Between Negligence and Substantial Understatement? What Reasons Can I Use … [Read more...]
6 Reasons Self-Employed And Independent Contractors Must File Back Tax Returns
Independent contractors and self-employed members of the workforce must consistently file their tax returns to avoid the following inconveniences and repercussions. RELATED: How To File Back Taxes In this article: Accumulation of Penalties and Interests Withheld Tax Refund Losing Tax Deductions Compromised Social Security Benefits Delayed Loan Approvals … [Read more...]
Penalties For Late Filing Of Business Taxes
Business taxes make up the lion’s share of tax revenues, which makes any late tax filing an important matter for the IRS. RELATED: What Happens If You File Taxes Late | Frequently Asked Questions About Missing Tax Deadlines In this article: When Are Business Taxes Due? What Happens If You File Taxes Late? What Are the Penalties for Filing Taxes Late? Why … [Read more...]
Self-Employment Tax Guidelines To Remember To Avoid Penalties
Let the Tax Relief Center clear any of your confusion on self-employment tax by answering key questions about this tax obligation. RELATED: Self-Employment Taxes: Things To Watch Out For In this article: What Is Self-Employment Tax? Who Pays Self-Employment Tax? What Are My Tax Obligations If I’m Self-Employed? What Is the Self-Employment Tax Rate for … [Read more...]
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