
Key Takeaways: Small business accounting is the process of gathering and evaluating business financial data, preparing reports, and preparing for taxes Key concepts include assets versus liabilities, accounts payable and receivable, balance sheets and income statements, and tax preparation processes Top three small business accounting…

Not many people enjoy watching their hard-earned dollars come out of their paycheck every month. They enjoy it even less when they owe taxes at the end of the year. However, taxes go to some pretty important things that we take for granted in our…

Taxpayers face a variety of taxes, and in addition to paying federal tax to the Internal Revenue Service (IRS), you may also need to file a state tax return. Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming do not have a…

If a letter from the IRS just landed in your mailbox about your cryptocurrency holdings, you're not alone - and you're not without options. A crypto tax audit is one of the more aggressive enforcement actions the IRS deploys right now, and the agency has…

If you've looked into the IRS Offer in Compromise program, you've likely hit a wall the moment the term "reasonable collection potential" appeared. Most explanations either bury you in IRS jargon or skip over the mechanics entirely. That's a problem - because your reasonable collection potential,…

Getting an offer in compromise rejected lands differently than most IRS letters. You spent months gathering financial documents, completing the forms, submitting everything correctly - or so you thought. Then the rejection comes, and suddenly the debt you were hoping to settle for a fraction…

If a letter from the IRS just landed in your mailbox about your cryptocurrency holdings, you're not alone - and you're not without options. A crypto tax audit is one of the more aggressive enforcement actions the IRS deploys right now, and the agency has…

An IRS audit doesn't always end when the IRS says it does. If the agency assessed additional taxes after an audit you didn't fully participate in - or after a decision you believe was wrong - you have a formal path to challenge that outcome.…

If an IRS special agent just knocked on your door or showed up at your business, you are likely the subject of a federal criminal tax investigation. Do not speak to them without a tax attorney present. Anything you say - even casual, seemingly harmless…

If you've looked into the IRS Offer in Compromise program, you've likely hit a wall the moment the term "reasonable collection potential" appeared. Most explanations either bury you in IRS jargon or skip over the mechanics entirely. That's a problem - because your reasonable collection potential,…

Getting an offer in compromise rejected lands differently than most IRS letters. You spent months gathering financial documents, completing the forms, submitting everything correctly - or so you thought. Then the rejection comes, and suddenly the debt you were hoping to settle for a fraction…

This article is for informational purposes only and does not constitute legal advice. Tax situations vary, and you should consult a licensed tax attorney for advice specific to your circumstances. Think an amended return fixes everything? Here's what the IRS sees instead: consciousness of guilt.…
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