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 ActIn this article:IRS Returned Check: What Happened and What Will Happen? What Are the Penalties for a Bounced Check? IRS Bounced Check …Continue Reading
Federal Tax Information
Business Vs Hobby: How The IRS Qualifies Hobby Income As A Business
Hobby income can affect the amount paid to the IRS. Taxpayers should know whether the IRS thinks income should be classified as a business or a hobby.RELATED: What Are The Penalties Employers Will Face Under Employee Misclassification?In this article:Why Should a Taxpayer Care About How the IRS Sees Their Hobbies? What Is the Hobby or Business Test for the …Continue Reading
How To Prepare For A Tax Audit | Worker Classification
It's integral to learn how to prepare for a tax audit in the event the IRS wants to make sure you aren't guilty of any employee misclassification.RELATED: Can You Go To Prison For Not Paying Taxes? How To Prepare For A Worker Classification Tax Audit Step 1: Understand How to Properly Classify Workers An IRS audit due to employee misclassification is a long process. …Continue Reading
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 DeadlinesIn this article:When Are Business Taxes Due? What Happens If You File Taxes Late? What Are the Penalties for Filing Taxes Late? Why …Continue Reading
How To Prove Financial Hardship To The IRS
The IRS acknowledges financial hardship as a legitimate reason for tax relief — as long as a taxpayer can prove it.RELATED: How To Come Up With A Financial Savings Plan A Guide to Proving Financial Hardship to the IRS Step 1. Know How the IRS Defines 'Financial Hardship' The phrase 'financial hardship' means different things to different people. It is usually dependent …Continue Reading