Taxpayers with businesses or clients may accrue some bad debt expense. Learning how to identify and write them off can help the finances of everyone involved, so read on to find out more. RELATED: IRS Form 5329 [For Retirement Savings And More] | Internal Revenue Service In this article: What Is Bad Debt Expense? What Qualifies as Bad Debt Expense? How to Find … [Read more...]
Tax Fraud Penalties
Crime does not pay, especially with regards to the IRS. Tax fraud penalties can certainly impact your finances significantly. RELATED: Can You Go To Prison For Not Paying Taxes? In this article: What Constitutes Tax Fraud for the IRS? What Are the Red Flags or Triggers for IRS Tax Fraud Penalties? Why Are The Penalties for IRS Tax Fraud and Other Tax Crimes … [Read more...]
IRS Tax Audit Penalties: Everything You Need To Know
IRS audit penalties can inflate the tax debt of any taxpayer, and knowing more about these penalties can help taxpayers avoid or minimize them. RELATED: Can You Stop The IRS Seizure Of Property? In this article: Who Merits an IRS Tax Audit? What Are the Usual IRS Tax Audit Penalties? When Do the Tax Audit Penalties Apply? Where Can a Taxpayer Go for Help? … [Read more...]
What Is An IRS Summons And How Should You Respond To It?
You should not wonder or panic when asking "what is a summons?" should you receive this notice from the IRS. Responding to one is easier than it seems. RELATED: How To Avoid Taxes Through The Mortgage Forgiveness Debt Relief Act In this article: What Is an IRS Summons? Why Is the IRS Sending Me a Summons? What Should a Taxpayer Know About an IRS Subpoena? … [Read more...]
How To Request For An IRS Hardship Payment Extension
Taxpayers with difficulties paying taxes can apply for an IRS hardship extension. Here's how you can approach the matter. RELATED: 9 Tax Records You Should Keep In Your Business To Avoid IRS Audit Steps on How to Apply for an IRS Hardship Payment Extension Program 1. Confirm If You Qualify for the IRS Hardship Program First For the IRS, hardship is more than not having … [Read more...]
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