YES, the IRS employs different methods for conducting audits, and one of these methods involves audits by mail, referred to as “correspondence audits” or “mail audits.” In such audits, the IRS will send you a letter requesting specific information or…
Fraud involving the use of a deceased individual’s identity is a serious concern and can take various forms, including financial fraud, tax fraud, and identity theft. Criminals may attempt to exploit the identities of deceased individuals for personal gain. According…
You can receive non-refundable tax credits of up to $4,000 when purchasing a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer, provided the vehicle costs $25,000 or less. To be eligible, according to the…
Due to widespread tax non-compliance, particularly among independent contractors, the Internal Revenue Service (IRS) has implemented measures to strengthen third-party information reporting. Under the Housing and Economic Recovery Act of 2008, a provision was introduced that required banks and credit…
Ben Franklin aptly stated in a 1789 letter to Jean-Baptiste Leroy: “In this world, nothing can be said to be certain, except death and taxes.” This truth holds particularly true when it comes to a successful side hustle. A profitable…
The Treasury Inspector General for Tax Administration has released a report, stating that as of February 25, 2023, the IRS identified 31,079 tax returns claiming roughly $310.7 million in fraudulent refunds. Fortunately, the issuance of 97.7 percent ($303.7 million) of…
Your handcrafted jewelry has been a hit at the local market or maybe your web design skills have attracted consistent freelance work. Either way, congrats on a thriving side hustle! But when does a side hustle transform from a hobby…
Thank god Tax Day is over! But for some, the ordeal might just be starting. If you find yourself grappling with unpaid tax bills, the mountain of ensuing financial and legal complications can be daunting. However, you might be unaware…
The IRS has been cautioning small businesses and tax-exempt organizations about the prevalence of fraudulent offers claiming to assist in processing the Employee Retention Credit. It’s a well-known saying: “If it sounds too good to be true…you know the rest.”…
The IRS has reported that more than 1.5 million taxpayers have unclaimed refunds dating back to 2019. Typically, the deadline for filing prior year returns is three years, but due to the COVID-19 pandemic, the Internal Revenue Service has extended…