Most filers eventually get their taxes returned to them every year. But what if you land in the opposite scenario? If you owe the IRS money and the amount is too large and you do not understand the idea of paying back the money. If you are staring at a serious tax payment, it is [...]
The shutdown of the Economy caused by the on-going pandemic brought about a heavy blow to both companies and individuals, so the United States Internal Revenue Service (IRS) launched a series of financial rescue plans. Recently, the United States Internal Revenue Service launched three new tax credits policies specifically designed to help companies survive the [...]
HOW TO FILE FORM 4868 We will be looking at when and how to get more time to prepare personal and business taxes. WHAT IS IRS FORM 4868? IRS Form 4868 is an IRS extension form that you will have to file with the IRS when you are required to file a federal tax return [...]
There are several reasons why the IRS can pay you a surprise visit out of the blue. To avoid this, we should be careful how we handle our taxes, personal and business income. Here are some reasons why the IRS can start looking into you; INCORRECT BASIC INFORMATION The IRS has a computer system that [...]
This shows details on how the IRS is helping taxpayers during this pandemic with an overview of their operations: Taxpayers who are applying for a refund are encouraged to submit electronically soon and choose direct deposit to receive a refund within less than 21 days. This is faster compared to the old-fashioned mailing method which [...]
It is important to make sure your tax extension application is accepted, be it individual or business tax extension. The IRS does not reject many tax extension applications but there are several reasons why they will not accept tax extension applications. Reasons why the IRS will reject a tax extension application will be explained below [...]
Millions of taxpayers in the United States go to tax preparers to report to the Internal Revenue Department, better known as the IRS. Before going to the places where taxes are being prepared, it is important to do some research. You cannot just meet anyone to prepare your taxes for you. The information you share [...]
Form 7004 Instructions 2021 Tax payers have been informed and reminded by the IRS that individuals who need to request to file an extension should file using the form 4868 while businesses must submit using Form 7004. Form 7004 is the form tax payers use to file an automatic extension of the time to file [...]
Protect Yourself from Tax Fraud During Tax SeasonsIt can be challenging to distinguish between a tax scammer and the Internal Revenue Services (IRS), especially if this is your first encounter with a tax scammer. It is crucial to comprehend the IRS’s communication to identify any red flags. We know for a fact that millions of dollars [...]
People born in the United States, although people traveling away at a very young age, are often unaware that they are American citizens. The lack of this knowledge in many cases costs many thousands of dollars overseas because of the Foreign Account Tax Act, which forces banks to disclose the identities, accounts and investment income [...]
