What happens if a thief steals your identity and files a fraudulent tax return? Although not all fraud can be easily detected, the IRS scans tax returns for possible fraud as they’re received. Returns that are flagged as suspicious will be pulled for extra review. If this happens with your return, you’ll receive an IRS […]

May God shower you with blessings, love, and peace this Easter.From all of us to you; have a wonderful Easter celebration.

U.S. businesses must generally follow strict rules in how they report income and expenses. One key rule is the matching principle, which requires that income and related expenses be reported in the same period. Even when a business strictly adheres to “generally accepted accounting principles” (GAAP), the IRS might challenge it. In one case, the […]

The 2021 tax filing season is nearly over, with the April 18 tax filing deadline fast approaching. If you’ve filed your return, were you unpleasantly surprised to learn that you owed the IRS money? Or perhaps you thought your refund was too small or too big? If this was the case, your withholding adjustments might […]

The IRS’s recent woes are well documented. So it’s probably no surprise that the Government Accountability Office (GAO) is recommending changes. In a report assessing the 2021 tax season, the GAO notes problems. For example, online refund information was limited and in-person services declined. The GAO suggests such steps as modernizing the “Where’s My Refund” […]

Thanks to ongoing efforts by the IRS, state agencies and the accounting industry, tax fraud schemes where criminals use stolen identities to file for refunds are becoming less prevalent. One way you can protect yourself is by requesting an Identity Protection PIN (IP PIN) from the IRS. This is a six-digit number that must be […]

From the IRS: How to Pay Your Taxes https://bit.ly/3vfuvGS  A simple tutorial if you need help on how to pay your federal tax bill.

U.S. Treasury Secretary Janet Yellen recently warned lawmakers that the global economy can expect “enormous repercussions” from the war in Ukraine. In testimony before a congressional committee, Yellen explained that spillover from the war is heightening economic vulnerabilities in many countries already facing higher debt burdens and limited policy options as they recover from COVID-19. […]