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Navigating IRS Bank Levies, Back Taxes, and Unfiled Tax Returns

MyIRSRelief

Firstly, accumulating interest and penalties on unpaid taxes can significantly inflate the original debt, exacerbating financial strain. Furthermore, failure to file tax returns can result in hefty fines and legal repercussions. Concerned about the potential repercussions, she enlisted the help of a tax relief firm.

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Filing a Final Tax Return for a Deceased Taxpayer

Anders CPA

Key Takeaways: To file a deceased person’s tax return, you will need to file Form 1040. Begin the process by obtaining the necessary tax forms. Calculating the individual’s income and deductions and completing the tax return are the next steps.

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Partnership Income Tax Returns & More Skagit County IRS Targets

SkagitCountyTaxServices

Specifically, that means high-income earners, partnership income tax returns, large corporations, and promoters “aggressively peddling abusive schemes.” Some history on this… The Bipartisan Budget Act of 2015 brought about significant changes in how the IRS handles partnership income tax returns.

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IRS Warns of ‘Wildly Inaccurate Tax Advice’ on Social Media

CPA Practice

But when it comes to taxes, misleading information on social media can lead to financial or even legal problems, the IRS warns. Social media—things like Facebook, Instagram and TikTok—can be used to circulate “wildly inaccurate tax advice,” the agency said. There are two other variations of the W-2 scheme.

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Bookkeepers: What you need to know about legal entities and owner compensation

5 Minute Bookkeeping

As bookkeepers, our clients come in an assorted variety of legal entities. Legal entities and owner compensation might not sound like the most exciting topic, but trust me, it’s essential knowledge for any bookkeeper looking to grow, gain confidence, or tackle clean-up projects. The tax form filed by the S Corporation is an 1120S.

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Betting on the Super Bowl? Don’t Forget About Taxes

CPA Practice

However, if you are among the 68 million people expected to place bets on the big game, you need to know that taxes are part of the equation. So, as we start tax season, here’s what you need to know about what your Super Bowl bet has to do with your tax return. Super Bowl 2024 is on Sunday, Feb. Usually, the payer (e.g.,

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7 steps for an accurate and successful corporate tax return filing

ThomsonReuters

As a corporate tax professional, you know the complexities of complying with business taxation requirements. Your company may have to file corporate tax returns in multiple states and local jurisdictions, as well as with federal — and perhaps international — tax authorities. Does every corporation file income tax returns?