Say goodbye to privacy.Say hello to new reporting requirements. Read the full article:“Congress Passes Corporate Transparency Act:What It Means for You” Are you running an LLC or a corporation? Then be prepared for an important change in the law… Starting in 2022, the new Corporate Transparency Act (CTA) goes into effect… For the first time, federal law will … [Read more...]
Audits
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Secrets to IRS Penalty Forgiveness Using Reasonable Cause
I hope you never face this nightmare… You get a letter from the IRS informing you that it has assessed additional taxes, penalties, and interest on your tax return … and from two years ago. Ouch! When you pick yourself up from the floor, and check out your tax records, you get a terrible shock. The IRS is right. You do owe the extra taxes plus penalties and … [Read more...]
What Is the Unpardonable Sin in an IRS Audit?
You get the mail. You go through it quickly. And then you come to an envelope from the IRS. As your heart rate increases, you open the letter. Then the nightmare begins. The letter says that you’re going to be the subject of an IRS audit. IMPORTANT: When you go in for your audit remember these three things: Go to the bathroom before you go in to meet your … [Read more...]
COVID-19: IRS Provides Relief from Enforcement Actions
___________________________________________________________I hope this issue of the Tax Reduction Letter finds you and your family in good health. Warmest good wishes at this difficult time from all of us at the Bradford Tax Institute.___________________________________________________________ Who’s afraid of the big bad IRS? Not me… at least not until after July 15 of … [Read more...]
Auditor Claims It’s Illegal for Parent to Employ His 11-Year-Old
Do you employ your children to work in your business? This can be a very smart move for several tax-related reasons. But be warned. When junior goes to work for you, you’d better have answers ready to pointed questions asked by the Department of Labor (DOL) and/or the IRS. For example, a DOL auditor might question your claim and decide it’s illegal for you to employ … [Read more...]