cash sales need to be reported or you get a tax audit
Office in Freehold NJ | 
732-333-0681 | Schedule an Appt
Office in Freehold NJ | 732-333-0681 | Schedule an Appt
cash sales need to be reported or you get a tax audit
Filing federal tax forms is one of those annual events that most people view as a hassle and not everyone can afford the taxes they owe, particularly in the era of the Covid pandemic. In fact, the back taxes owed by US taxpayers exceeds $130 billion dollars. Collecting on the back taxes is part of … Continued
Frustrated with not getting through the IRS? Only 3% of the calls from the general public number ever get through to a person according to according to Eric Collins, of the National Taxpayer Advocate’s office. Even the practitioners phone line is up to a 3 hour wait. For the past year, I have been telling … Continued
You happily open the mail, until there it is: A letter from the IRS. Your stomach goes into a pit. You open it with dread and the paper has in bold print Notice of Federal Tax Lien. A Notice of Federal Tax Lien (NFTL) is a public record and is generally filed with the County … Continued
Ir you have filed jointly with your spouse and your spouse owes the RIS money, you will receive notices too. This often happens when your spouse owns his own business and files a schedule C. But sometimes if your spouse prepares the tax return, you may not know why you owe taxes or what the … Continued
The IRS has warned about a new tax scam involving fake CP2000 notices. If income from a W-2 or 1099 does not match the income reported on a tax return, the IRS sends a CP2000 notice. The notice is always sent by the IRS via mail. It is NEVER emailed. In the new scam, a … Continued
An owner of an ice rink and sports facility was sentenced to 48 years in prison for not paying $790,000 of employment taxes to the IRS from 2012 to 2015. The position of the IRS is that business owners and operators who choose not to pay the United States tax money they withheld from their … Continued
A professor pleaded guilty to conspiracy and had to pay a $100 million penalty to the IRS for failing to file a Foreign Bank Account Report regarding offshore accounts with the government, as well as was sentenced to 7 months in prison. Failure to file an FBAR can result in a penalty of up to … Continued
Even if you can’t pay your taxes, you should always file your tax returns. It will avoid penalties being tacked on for not filing a return (yes, the IRS has penalties just for that!). If you can send a partial payment you should do that as it will lower your interest. The IRS can even … Continued