From the Internal Revenue Service: Make Plans Now for Next Year’s Tax Return Most people stop thinking about taxes after they file their tax return. But there’s no better time to start tax planning than right now. And it’s never too early to set up a smart recordkeeping system. Here are six IRS tips to help you start to plan for this year’s ...

Annual Report Filing Deadline on May 1st Florida Secretary of State Ken Detzner released the following statement reminding business entities in Florida that the deadline for filing their annual reports is May 1, 2014. The filing deadline is approaching on May 1, and I encourage all business entities to file their annual reports as soon as possible,” said Secretary ...

From the Internal Revenue Service: IRS Reminds Those with Foreign Assets of U.S. Tax Obligations The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014. The filing deadline is Monday, ...

How to Adequately Prepare for an Audit Do you find the audit process to be a downright burden? Businesses and entities often find themselves unprepared for an audit. Here are some tips on how to prepare for an audit. Remember, the results of the audit are your responsibility. As such, you should be preparing all year long, not just during audit season. Here are a few ...

Chance of Audit Declines From: ACCOUNTINGTODAY.COM By: Michael Cohen, Editor-in-Chief Washington, D.C. (April 17, 2014) The Internal Revenue Service is anticipating the chances of a tax return being audited to be the lowest in years. The IRS audited less than 1 percent of individual tax returns in 2013, the lowest rate since 2005, and the number of individual returns ...

From the Internal Revenue Service: Eight Facts about Penalties for Filing and Paying Late April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes and you fail to file and pay on time, you’ll usually owe interest and penalties on the taxes you pay late. Here are eight ...

From the Internal Revenue Service: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply The Internal Revenue Service recently issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax implications ...

From the Internal Revenue Service: Ten Facts about Amended Tax Returns Did you discover that you made a mistake after you filed your federal tax return? You can make it right by filing an amended tax return. Here are the top ten things to know about filing an amended tax return. 1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors on your tax ...

Settlement with an Offer in Compromise If you owe money to the IRS, you may be able to reach an Offer in Compromise (OIC) to pay the money that you owe. An OIC provides a way to have a large portion of your tax debt forgiven. You must agree to pay a smaller amount in a timely fashion. Both the amount and the time is agreed upon by both you and the IRS. You may be able to ...

From the IRS: Eight Common Tax Mistakes to Avoid The Internal Revenue Service offers these following tips to avoid income tax return errors. We all make mistakes. But if you make a mistake on your tax return, the IRS may need to contact you to correct it. That will delay your refund. You can avoid most tax return errors by using IRS e-file. People who do their taxes on ...