IRS

man with cash
29 Oct

Early Withdrawals From Retirement Accounts

Taking money from your retirement funds before age 59 1/2 is not recommended, but due to COVID lockdowns, it may be unavoidable if you need fast cash. So you don't make it worse on yourself, read the following: Withdrawal Exceptions Early withdrawals from traditional and Roth IRAs are subject to an additional 10 percent tax, unless an...

do not panic
08 Oct

Schedule C Losses Prime for Audit

The Treasury Inspector General of Tax Administration (TITGA) is the government tax watchdog. They perform annual audits of the IRS's programs and operations. In a recent review of the "Tax Gap", or the tax payment shortfall in relation to what is actually owed, the TITGA recommended the IRS look into taxpayers reporting Schedule C activity...

hurricane
27 Aug

IRS Support During Natural Disasters

Can 2020 get any worse?!  After COVID-19 and murder hornets comes wildfires and hurricanes. This country is stronger together, and we get back up no matter how hard the punch.  But, the last thing we want to worry about is filing taxes, or currently, filing them late. Extension Deadline...

thief
13 Aug

Tax Scams Targeting Innocent Taxpayers

The 2020 tax deadline extension afforded scammers more opportunity to target innocent taxpayers. The IRS compiles a list every year, but this year it includes evolving schemes related to coronavirus tax relief. The criminals view everyone as easy prey, especially vulnerable populations such as the elderly. You should refrain from engaging scammers online or on...

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