Tax returns contain highly confidential information that can relay the entire financial snapshot of a person or business. Aside from the income, investments and other financial data, tax returns may show political affiliations and charitable contributions. For this reason, many politicians are encouraged to make their tax returns public record as an effort in transparency.…
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After a stressful tax season and a brief rest after all the deadlines are met, the time for a mid-year tax planning checkup approaches quickly. In July/August each year, small business owners need to reassess several processes to ensure the business is running smoothly. A mid-year tax planning checkup is the perfect opportunity for this…
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As attorneys who work with clients facing different types of tax issues, we often get asked about offshore banking and the tax implications for moving money overseas. Using a bank outside of the United States is not illegal in and of itself; however, there are many rules to follow. Each country and banking institution has…
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Now that the filing deadline has passed, the IRS is busy contacting taxpayers who filed reports with errors and audit inquiries. There are also a lot of scammers out there contacting individuals and businesses posing as the IRS. Common IRS scams this tax season may include text-message scams, e-mail schemes, phone scams and unemployment fraud.…
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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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