If you are part of a non-profit organization, it's imperative to have a clear understanding of your tax situation.
Going through a tax audit is every bit as stressful as it sounds. If you find yourself in this position, you shouldn't hesitate to learn more about what's going on. This will allow you to make informed and confident decisions as the days go by.
You're worried about tax fraud allegations. You dread having an IRS agent knock on the door. Every year that you file your taxes, it's hard to fight down the stress and anxiety.
As a taxpayer, you do whatever it takes to provide accurate information to avoid trouble with the IRS. But regardless of what you do, there is always the potential for a tax audit at some point in the future.
Do know someone who has received a notice from the Internal Revenue Service (IRS) about an impending audit? Have you been so unfortunate as to receive one? If so, you may be wondering how the IRS decides which tax returns to audit. Is it random? Is there a complicated algorithm they use to decide? Or, are there certain red flags that IRS agents look for when they process tax returns?
As a citizen of the United States, you need to learn as much as you can about the tax system. While it's complicated, knowing the basics will go a long way in keeping you out of trouble.
If you are starting a nonprofit corporation, there will be many details that require your attention. Many of these are related to your financial and tax situations, so it's important to get on the right page from the start.
There is only one thing worse than receiving notice of a tax audit: receiving notice when you have reason to believe that you may have done something wrong.
It doesn't matter if you complete and file your own income tax return or hire a professional to assist you, there is always the chance that you will make a mistake.
Winning the lottery can be an amazing stroke of luck. You can pay off your debts and indulge yourself and your loved ones. Unfortunately for some people, winning the lottery can result in tax issues. If you have won a lottery prize, that income is subject to federal, state and local income taxes.