How to ANALYZE an IRS Revenue Agent Report
Every IRS audit concludes with a Revenue Agent Report which includes all the findings the IRS made based upon the documents and information collected, and the determination IRS has made.
An IRS audit starts with a initial audit letter sent to the taxpaye (in the case of our clients, the business owner).
Top Holiday Activities for Seniors to Try this Year
The holidays are upon us, which is the high tide of family togetherness every year. While having more active celebrations with friends and family is normal, it is important to remember to include your senior loved ones. Some elders have physical or mental impairments that could keep them from getting out and participating, and some may simply not have the
How to prepare an IRS Bank Deposit Analysis
The bank deposit analysis is essential to every single IRS audit.
A bank deposit analysis is where the IRS will analyze, all the deposits coming into a bank account that you own, either personal or business, and determine whether those deposits are taxable or non-taxable income.
As you can imagine, if you’re depositing cash, it’s hard to tell the
Tax Implications of the Inflation Reduction Act
In August 2022, Senate Democrats passed the Inflation Reduction Act, which allocates nearly $80 billion to the International Revenue Service (IRS) and leaves business owners asking: What are the tax implications of this bill? Will there be more audits? How will audits change?
In this article, we’ll break down what the Inflation Reduction Act is, where the money is going,
How to Abate an IRS Penalty
There are a lot of different types of penalties IRS can assess. Let’s start with the failure to file.
Typically, it’s a firm deadline and when you have to file a return. If you don’t file an extension and your return is late, or you do file the extension and your return is late, you’ll get a notice from the
The IRS is NOT adding 87,000 new ‘armed’ agents. Here’s what’s really going to happen
There has been quite a bit of confusion regarding both the context and likely results of the IRS’ recent monetary windfall. On August 16, 2022 President Biden signed into law the Inflation Reduction Act of 2022 which is designed to curb inflation by reducing the deficit, lower prescription drug prices, and invest into domestic energy production while promoting clean energy..
Your Options for Handling Back Taxes
Many people don’t know the options that are available to them when dealing with back taxes and the IRS.
Back taxes are a nightmare for anyone that owes the IRS money without the means of paying it. If you are already in debt, the IRS banging on your door doesn’t help your situation—it just makes it more stressful. If you
Conservatorship vs. Power of Attorney: Understanding Both
Life is unpredictable, and you can never anticipate when you will need assistance managing your affairs. Should you become incapacitated, help overseeing your affairs is indispensable. When the time comes, establishing a proxy is critical to your well-being and that of those you care about most. Still, understanding the difference between a conservatorship vs. a power of attorney is difficult.
IRS Audits with IRS’ New Hired Revenue Agents: How to Prepare
As a result of the COVID-19 pandemic, many IRS revenue agents are retiring. This, coupled with the influx of newly hired revenue agents (coming with the expansion of the IRS budget from the Inflation Reduction Act), leads to one significant result for business owners:
If you are audited by IRS, you are likely to be audited by a new revenue
Trust Accounting: Choosing the Right Trustee
When choosing a trustee, it is easy to trust a family member, friend, or associate with this considerable responsibility. However, trustees have obligations that go beyond being trustworthy, and possessing the right skills. From trust accounting responsibilities to having interpersonal skills, it is crucial for a trustee to fulfill their duties.
Ensuring a trust is in good hands takes effort.