Facing a missed tax deadline can indeed induce stress, but there are constructive steps you can take to navigate this situation effectively. Let’s collaborate to reinstate your tax responsibilities and alleviate any concerns. Start by evaluating your tax status, pinpointing any overlooked filings or pending payments. Assemble all pertinent financial records such as income statements,…
Adopt Sheldon Bookkeeping’s six-point strategy to tackle your overdue tax filings and embrace proactive record-keeping to stay ahead of the game! Keeping your books updated regularly not only guarantees precision but also prevents year-end pandemonium. Don’t allow disarrayed records to impede your progress. Let’s get you up to speed while you pledge to maintain consistent…
Folks, let’s talk plain and simple about taxes – the old saying holds true. It’s sure cheaper to keep out of trouble than digging yourself out of a tax hole with the IRS! It simple: if you miss the mark on tax obligations or mess up those returns, it’s like opening the floodgates for penalties…
The IRS has fined Allegheny Township, a Pennsylvania municipality near Pittsburgh. The IRS is not commenting on its enforcement action, but news reports suggest that the fines might be connected to the township not properly withholding taxes from employee paychecks. According to the TribLive, the township has acknowledged receipt of the fines, and audits are…
The IRS has resumed sending LT38 collection letters again after the 2-year pandemic pause. If a small business gets one, this notice is not something to ignore or stuff away in a desk drawer. As of now, over 3.7 million US taxpayers are expected to receive the LT38. Automatically generated by the IRS Collection System,…
As the 2023 tax forms are being released this week, the IRS has added a new question for taxpayers: At any time during 2023, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a…
In the realm of U.S. tax law, individuals have the right to seek exemptions or special status under certain circumstances. One such provision is outlined in Internal Revenue Service (IRS) Form 4029, which allows individuals to claim religious or conscientious objector status and be exempt from paying Social Security and Medicare taxes. This unique provision…
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