6 Red Flags That Can Trigger an IRS Audit
6 Red Flags That Can Trigger an IRS Audit The thought of having their tax return audited by the IRS is a huge fear of many Americans. Realistically, the odds of being audited are pretty low. Still, have you ever wondered what causes some tax returns to be audited and not others? …
Illinois Notice of Proposed Tax Liability – 3 Things You Need To Know
Illinois Notice of Proposed Tax Liability – 3 Things You Need To Know Illinois business owners – If you’ve received a Notice of Proposed Tax Liability, you probably have questions. This article briefly answers the three questions you may have after receiving this notice from the Illinois Department of Revenue – Audit…
Is Personal Responsibility for Payroll Taxes a Serious Legal Problem?
You may have been required to collect payroll taxes for your employees. If so, you were probably also responsible for making monthly payroll tax payments. Some business owners fail to make those payments. If this has ever been you, keep reading. In that case, an IRS revenue officer may seek to determine whether you were…
What are the Simplified Rules for a Tax-Free, Like-Kind Exchange?
If you could sell your property for a gain, the Internal Revenue Code Section 1031 allows you to postpone paying tax on that gain. The requirement: you have to be willing to reinvest the proceeds into a similar property. If you meet all the rules under §1031, this transaction would qualify as a like-kind exchange….