ARTICLES/ IN THE NEWS

Here’s what you should know about an IRS audit: Usually, a taxpayer will only be subject to one audit per tax year. The IRS generally has three years from the date taxpayers file their returns to assess any additional tax for that tax year. There are some limited exceptions to the three-year rule, including when...

In the event you need to work with the IRS on a personal tax matter including, but not limited to, filing a return, paying taxes, responding to a letter, going through an audit or appealing an IRS decision, you can expect the following rights: 1. The Right to Be Informed 2. The Right to Quality Service 3....

IRS Free File online products are available to any taxpayer or family whose adjusted gross income (or AGI) is $72,000 or less in 2020. How IRS Free File Online works The IRS Free File Program is a partnership between the IRS and many tax preparation and filing software industry leaders who provide their brand-name products for free...

By AccountingGo Staff Per the most recent data released from the IRS, there were approximately 153.8 million individual income tax returns filed for year 2018. Of those returns, approximately 58% reported adjusted gross income (AGI) of $50,000 or less, 23% between $50,000 and $100,000, and 19% reported income of $100,000 or more – See the...

Millions of Americans have already received their stimulus payments authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The IRS continues to calculate and automatically send the payments to most eligible individuals, however some may have to provide additional information to the IRS to get their payments. You may be eligible to...

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 as part of a $2.2 trillion aid package. Some parts of the bill do not require you to take any action such as the ‘stimulus check’ for eligible individuals ($2,400 for joint filers, $500 per qualifying child). However,...

The IRS today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of...

There is no one best software for all contractors. Although QuickBooks is known as the most popular software among the smaller-sized businesses, many contractors are still searching for alternatives. QuickBooks users find the software easy to use and affordable. However mid-size self-perform contractors opt for more expensive software because the software gives them detailed job...

Years ago when accounting software for small businesses was not as popular, the roles of a bookkeeper and an accountant were distinctively different. A bookkeeper typically handles and records daily transactions such as paying bills, creating invoices, collecting payments, making deposits, managing timesheets for payroll, reconciling bank accounts etc. Records kept by a bookkeeper reflect...

In general, the IRS has three years from the due date of the return or the date on which the return was filed, whichever is later, to audit and adjust the return. However, the IRS has six years to audit a return if a person fails to report over 25% of gross income. If a...