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Accounting && Auditing

How Does the IRS Know if You Have Capital Gains?

Capital gains are profits from the sale of assets like stocks, bonds, and real estate. The IRS tracks capital gains to ensure accurate tax reporting and collection. This article explains how the IRS detects capital gains and the consequences of underreporting. Reporting Capital Gains Individuals are responsible for reporting capital gains on their tax returns … Read more

Unreported Cash Tips: Navigating the Consequences and Penalties

In the realm of taxation, honesty and transparency are paramount. Failing to report income, including cash tips, can lead to severe repercussions. This comprehensive guide delves into the consequences of unreported cash tips, empowering you with the knowledge to make informed decisions and avoid potential penalties. Understanding the Employer’s Role As an employer, you are … Read more

When Can You File Your 2021 Taxes?

The Internal Revenue Service (IRS) has announced that the 2022 tax filing season will officially begin on Monday, January 24, 2022. This means that taxpayers can start submitting their 2021 tax returns to the IRS on that date. The filing deadline for most taxpayers is Monday, April 18, 2022. Key Dates for the 2022 Tax … Read more

Can I Pay My Wife to Avoid Tax?

Yes, you can pay your spouse to avoid tax, but there are strict rules that must be followed. The Internal Revenue Service (IRS) allows you to deduct the salary you pay your spouse as a business expense, but only if your spouse is a bona fide employee of your business. This means that your spouse … Read more

Unveiling the IRS Whistleblower Program

Does the IRS Pay You to Snitch? The Internal Revenue Service (IRS) operates a comprehensive Whistleblower Program, incentivizing individuals to report suspected tax violations. This program plays a crucial role in the IRS’s efforts to combat tax fraud and non-compliance, ensuring a fair and equitable tax system for all. Eligibility for Whistleblower Awards To qualify … Read more

Can the Government See My Bank Account UK?

Understanding the UK Government’s Powers to Access Bank Account Data The UK government’s recent proposal to grant itself sweeping powers to monitor and access bank account information of benefit claimants has sparked significant debate and concern. This article delves into the legal framework surrounding the government’s ability to access bank account data in the UK, … Read more

Form 2210 Ready: Understanding Underpayment of Estimated Tax for Individuals and Entities

Form 2210 is a crucial document for individuals and entities to determine if they owe a penalty for underpaying their estimated taxes. The Internal Revenue Service (IRS) generally figures the penalty for taxpayers, but Form 2210 provides a method for taxpayers to calculate the penalty themselves if necessary. This comprehensive guide will delve into the … Read more