Fun Accounting Facts you may not have known about! Accounting tends to be much of an afterthought in today’s society. Maybe seen as a little boring? Try running a business without it, or see how well your own household finances fair neglecting it. However, accounting is a discipline that crucial to our economy and way of life. Accounting can be … Read More

Taxpayers have the right to pay no more than the correct amount of tax The IRS works hard to make sure taxpayers pay no more than the correct amount of tax. Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is … Read More

What taxpayers need to know about digital asset reporting Taxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.A digital asset is a digital representation of … Read More

So what is an IRS Audit?  Usually you hear the term audit and you cringe at the thought. If it isn’t part of some TV sitcom punchline, you want no part of it. Audits can be brutal or they can just be a necessary nuisance. So here is what an IRS audit entails. An IRS audit constitutes a thorough assessment … Read More

In 2014 the IRS adopted a Taxpayer Bill of Rights. It applies to all taxpayers in their dealings with the IRS. The Taxpayer Bill of Rights groups the existing rights in the tax code into ten fundamental rights, and makes them clear, understandable, and accessible. The Taxpayer Bill of Rights is the 10 rights all taxpayers have any time they interact with … Read More

Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such as the Earned Income Tax Credit, … Read More