Article Highlights: · Statute of Limitations · Filing Before April Due Date · Filing After April Due Date · Extension · Amended Returns · Three-year Statute · Understatement Exceeds 25% · Ten-year Collection Period · Tax Records A frequent question from taxpayers is: how long does the IRS have to … [Read more...] about How Long Are You on the Hook for a Tax Assessment?
Important Date for Taxpayers Living Abroad
Article Highlights: June 15th filing due date Additional extension to October 15 available Extension does not relieve late payment penalties Combat zone If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, June 15, 2015 is the filing due date for your 2014 income tax return and to pay any tax … [Read more...] about Important Date for Taxpayers Living Abroad
May 2015 Individual Due Dates
May 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the … [Read more...] about May 2015 Individual Due Dates
Accounting Terms: Understanding the accounting term EBITDA and how to use it.
Article Highlights Definition of EBITDA Use EBITDA to compare businesses One gauge of a business’s financial health The accounting term EBITDA is an acronym that is widely used. It stands for Earnings Before Interest, Taxation, Depreciation, and Amortization, and it is an extremely helpful tool for understanding how one business or industry is faring based on comparing it … [Read more...] about Accounting Terms: Understanding the accounting term EBITDA and how to use it.
Are You Leaving Tax Money On The Table?
Article Highlights: Unclaimed Refunds Over-Withholding Earned Income Tax Credit Child Tax Credit American Opportunity Credit (AOTC) Premium Tax Credit (PTC) Refund Statute of Limitations Each year the IRS reports about $1 billion in unclaimed refunds for individuals who did not file a tax return. The IRS estimates that approximately half of the unclaimed refunds are … [Read more...] about Are You Leaving Tax Money On The Table?