While inability to pay your taxes leads the list for common tax problems, there are many other issues involving tax controversy. There are over 20 million Americans who owe the IRS or other taxing authorities more money than they can afford to pay. Over 80% of these tax liabilities are owed by individuals, not corporations.…
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With a looming filing deadline, many taxpayers worry about how to complete their returns on time when some necessary tax documents are missing. Missing tax documents are your responsibility, but you can usually file your taxes on time even if you do not have all your tax documents ready. It is important to obtain the…
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The Tax Cuts and Jobs Act of 2017 made sweeping changes to law as they relate to divorce and taxes primarily to eliminate a lot of underreporting of income by alimony recipients. As a result, many new laws became effective that impact tax treatment due to divorce. Alimony For divorce or separation agreements executed after…
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Summary of the New IRS Policies for an Offer in Compromise (OIC) By Roy Hill, Tax Representative For those burdened by tax debt, an offer in compromise (OIC) may present some welcome relief. An OIC allows taxpayers to settle their tax debt for less than the full amount owed. The IRS conducts a financial analysis to determine…
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Bad Bookkeeping Can Lead to Tax Audit Horror Stories Some small business owners attempt to cut costs by either maintaining their own books or using some type of online service provider. This leads to mistakes that could result in failing to pay the appropriate tax liability. An audit may ensue that would increase the amount…
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Many growing North Carolina businesses make the wise decision to outsource bookkeeping. You may start by wondering – What does a bookkeeper do? For starters, bookkeepers help you get back to business. To learn more about the specific tasks that can be outsourced to bookkeepers at Murray Moyer, PLLC, read our post, Bookkeepers Help You…
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Finding the right bookkeepers for your small business makes a tremendous difference in productivity and your bottom line. Bookkeepers record all the financial transactions and reconcile your company’s accounts on a monthly basis. Below is a brief list of the services offered by Murray Moyer, PLLC’s bookkeepers for small businesses: Record Keeping and Reconciling Using…
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Wrapping up another tax season has some taxpayers owing more than expected this year resulting in a failure to pay taxes. Those taxpayers may have filed their taxes by the May 17, 2021 deadline, but without the funds to pay all they owe, may finds themselves in a situation where they cannot pay. There is…
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As the tax filing deadline quickly approaches, each tax return preparer should take note of the following mistakes commonly found in this year’s tax preparation. Mistake #1: Stimulus Checks Many tax return preparers list the income received from government stimulus checks as ordinary income. These stimulus checks are NOT taxable income and do not need…
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Now is the time to start reviewing your financials and getting your affairs in order to prepare for tax filing season. There has been a learning curve with the Tax Cuts and Jobs Act of 2017 for many tax preparers and filers alike. The IRS is now accepting 2019 tax returns with a filing deadline…
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