Here are some of the common causes Wondering why your tax return is not finished? The delay can often come from one or two items that were overlooked and are needed to complete your tax return. Here are some of the most common: Missing statements. This includes all W-2s and 1099s, including any related to gambling …
Month: March 2025
Common Overlooked Taxable Events
Here are seven tax topics that seem innocent but can cause problems if not handled correctly. 1. Gambling winnings. If you receive a tax form at a casino for your winnings, that information is sent to the tax authorities. Since the form typically only contains the amount you won, save copies and records of any gambling …
ALERT: Small Business Beneficial Ownership Reporting Update
The requirement to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) is now not to be actively enforced or fined per recent announcements from the US Treasury and FinCEN. Background The Corporate Transparency Act requires most small businesses to file a report on FinCEN.gov to report their owners with confirmed identification, or face substantial …
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Understanding the Tax Gap
Voluntary tax compliance is measured While more and more legislation is introduced that penalizes all of us for doing things wrong on our tax returns, please remember that at its origin, tax collection in the U.S. is a voluntary. In other words, the tax code is defined, we are given due dates, and the government …
The Impact of IRS Layoffs
During the recent chaos of Federal employment moves over the past couple of weeks, two actions will impact how filing your tax return this year could go and how to prepare accordingly. Voluntary termination After being offered voluntary termination, approximately 75,000 employees across all departments of the federal government took up the executive branch’s offer. …
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