The deadline for Tax Season 2023 for individuals is over, and those who filed for refunds will be receiving the same within 21 days from the filing date.  But, If the taxpayers have received a notice from the IRS that their taxes are incorrect or that they owe money, they can either pay or dispute if IRS is wrong. There are options available to resolve such disputes. The IRS dispute process is an essential part of the tax system, but it can be complicated and intimidating. Managing a dispute with IRS can be a complex and compelling process for taxpayers. Following are the steps to manage ..read more

There are times when Taxpayers choose to represent themselves in an IRS audit or hire a tax professional to handle the case on their behalf. Those who want to avoid paying legal fees or who feel they have a thorough understanding of tax law may find self-representation to be intriguing. However, it also comes with its own set of risks and potential downsides. Here are some of the pros and cons of self-representation during an IRS audit, and helps taxpayers make an informed decision about how best to handle their audit. Pros of Self-Representation Cost Savings: One of the biggest benefits of se ..read more

IRS is known for being severe and unforgiving, even for minor inaccuracies on taxpayers’ returns. This can result in auditing your tax return and imposing substantial fines and interest.  Dealing with an IRS audit can be a worrying and compelling experience, particularly for those who are not familiar with the tax code and audit process. This is where an IRS audit representation company can step in to make the process easier. Role of IRS Audit Representation Communication: During an audit, an IRS audit representation firm serves as the taxpayer’s point of contact with the IRS. All corres ..read more

Tax Season 2023’s due date for Tax-Exempt Organisations is May 15, 2023, to file returns. Numerous tax-exempt organizations have received reminders from the IRS on their forthcoming filing deadline of May 15, 2023. Tax-exempt organizations often need to submit certain reports by the 15th day of the fifth month after the end of their accounting period. However, if the 15th falls on a weekend or holiday, the due date is extended to the next business day. What are Tax Exempt Organizations and Who Are Eligible? Entities that are excused by IRS from paying federal income tax are known as Tax-exempt ..read more

Tax season can be a stressful time for those who run behind the filing schedule. Taxpayers who aren’t able to file their returns for tax season 2023 by April 18, 2023, deadline, can request an extension. Filing an extension will give an additional six months to file taxes. However, it is important to note that an extension does not give taxpayers extra time to pay any taxes owed. Taxpayers need to pay their federal income tax due by April 18, 2023, to avoid interest and penalties. If you have missed paying the taxes and/or failure to file an extension before the deadline, the following options ..read more

The Internal Revenue Service (IRS) has recently announced that around 1.5 million people across the country have not yet claimed their refunds for the tax year 2019. However, the deadline to file the returns is July 17, 2023, which is three years after the usual deadline. Due to the COVID-19 pandemic crisis, the IRS deferred the deadline for 2019 unfiled returns. The average median refund for 2019 is $893, and the IRS has estimated that $1.5 billion in refunds are still unclaimed. Many taxpayers may have forgotten or ignored their tax refunds since 2019 due to the pandemic. To prevent losing o ..read more

Small business owners find it hard to go through an IRS audit. After receiving an audit notice, the first thing to do is to thoroughly read it and gather all necessary paperwork. Consulting with a tax professional will always help you understand the audit process and ensure compliance with tax laws. When responding to IRS, please note to pay special attention to the details. Any mistakes or discrepancies will raise more queries or guarantee additional research. The procedure can go more easily if taxpayers reply to the IRS right away, and act professionally while being audited. Taxpayers can e ..read more

Cryptocurrencies and other digital assets have experienced an increase in activity and acceptance by the public in recent years. For this Tax Season 2023, the IRS has increased its efforts to provide assistance to taxpayers on the tax treatment and reporting requirements related to these digital assets. The IRS has introduced the new term “digital assets“ to refer to “virtual currencies”. What is Digital Asset? Any digital representation of value that is on a cryptographically protected distributable ledger or any other equivalent technology as specified by the Secretary is referred to as a di ..read more

Taxpayers from disaster areas in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments. Previously, the tax deadline was May 15, 2023, for these areas. Currently, tax relief is available to any area designated by FEMA. The current list of eligible localities and other details for each disaster is available on the Tax Relief in Disaster Situations page on IRS.gov. Extended Tax and Payment Deadlines List Several tax filing and payment dates that were set to begin on January 8, 2023 ..read more

The IRS is offering weekend hours to taxpayers as part of the IRS’s larger effort to help people during the tax season 2023. Taxpayers can walk in without appointments to meet the assistance in person and enquire regarding tax filing.  They can have any tax-related queries like setting up an online account or getting an Identity Protection PIN among other topics. People can get hands-on assistance from IRS employees at TACs. However, cash payments are not accepted. The special Saturday availability will take place from 9 a.m. to 4 p.m., on Feb. 11, March 11, April 8, and May 13. Deta ..read more