Small business owners might utilize a number of do-it-yourself online resources in their operations. When it comes to tax liabilities, however, it is important to understand the potential limitations of online tax preparation programs or legal sites.As a tax law firm,...
Audits
What are some of a taxpayer’s rights during an IRS audit?
Regardless of one’s political preferences, it’s hard to escape media coverage of the presidential candidates. A recent hullabaloo involves Donald Trump’s refusal to discuss certain of his income tax returns that may be the subject of an audit by the Internal Revenue...
What are the chances that an IRS audit is in your future?
It's been one week since U.S. taxpayers were required to file and pay their taxes. For some taxpayers, the filing deadline passed without incident and they likely won't even think about their taxes until next March or April. Others, however, may be unable to shake the...
Types of IRS audits
In our last blog, we discussed some of the red flags that may trigger a tax audit. While most Americans would likely admit that they fear being audited, many aren’t familiar with the actual process.It's important to know that not all IRS audits are alike. In general...
Why you may be targeted for an IRS audit
As Connecticut residents continue to roll through tax season and prepare to file both individual and, if applicable, business-related tax documents; some may have this dreaded five-letter word on their minds—audit. Obviously, not one wants or plans to be audited and...
How failing to address 1099 issues can lead to additional costs and an audit
It's January and the official start of a new year also signals the start of the 2015 tax filing season. Within the next couple of months, individuals and business owners will receive important tax documents in the mail which are essential to figuring out one's taxes...
For those feeling charitable, the IRS has rules about deducting donations
Tax-savvy individuals and business often seek out legitimate ways to reduce their tax liabilities. One of most common and effective ways to decrease the amount of money you'll be forced to shell out to Uncle Sam is to take advantage of year-end gifts to charity. It's...
Business owners advised to attend to end-of-the year tax matters
With the holiday season quickly approaching, it's easy to become distracted and forget about the significant end-of-the year tax matters that are important to address. Taking steps today to plan for the 2016 tax season can end up saving a small business owner a lot of...
Taxpayers biggest losers in IRS budget cuts
When most Connecticut residents think about what the phrase good customer service means words like available, helpful, friendly and accommodating may come to mind. For most taxpayers, these types of adjectives and the phrase good customer service likely do not come to...
When it comes to audits, just how far is the IRS’ reach?
When it comes to taxes and the Internal Revenue Service, timing is everything. Every U.S. taxpayer is well aware of the dreaded April 15 tax deadline and, if missed, the October 15 tax extension deadline. In cases where a taxpayer fails to file or pay his or her...