Tax season can be a stressful time for many, and the thought of an IRS audit can add to that anxiety. How can a person tell if the agency may target them? Here are some circumstances that may lead to an IRS audit. Random selection audits In fiscal year 2022, the IRS...
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What to know about the Trust Fund Recovery Penalty
As a business owner, you take money out of your employees’ paychecks for FICA and income taxes. If you are not directly involved in the process, you may think your company automatically transfers it to the IRS, or you may not think about it at all. However, what if...
Can you qualify for Washington innocent spouse relief?
Getting divorced in Washington can often involve trouble with the IRS. This is because both parties in a marriage are responsible for taxes filed on their joint returns. If there is an unpaid balance or audit, both will likewise be liable for paying the balance that...
Are Black people more vulnerable to tax audits because of race?
Most Washington State residents work hard to fill out their tax forms properly and pay what they owe on time. The Internal Revenue Service will sometimes conduct tax audits to address irregularities. Audits are supposed to be done objectively. However, it was recently...
A change in tax reporting for online payments in Washington
If you get paid online in Washington, there are some upcoming changes to expect in how you receive your tax paperwork. It shouldn't be a cause for alarm for anybody, but there are new rules you'll probably want to be aware of so they don't catch you off guard when...
Examples of valid and invalid business write-offs
Running a business comes with a lot of challenges. When tax season comes around, it may seem like just another obligation you need to take care of. Instead of dreading doing your business’s taxes, it may be an opportunity to reduce the value of your business assets...
Businesses may make use of Section 1031 like-kind exchanges
Is your business thinking of exchanging a real property for another one that is similar? Many business owners in Seattle and other nearby areas of Washington have questions when it comes to reporting something a bit unusual with real estate transactions and business....
Situations where the IRS may grant innocent spouse relief
When married couples in Washington and around the country file joint tax returns, both spouses are jointly and severally responsible for any money owed. This means either spouse can be pursued individually by the Internal Revenue Service if income is not reported,...
What to know about your Offer in Compromise in Washington
Benjamin Franklin famously was once quoted as having said there are only two certain aspects of life, “death and taxes.” And for millions of Americans, affording their tax bill has become an increasingly large burden to bear. To provide some assistance to these...
IRS cracks down on cryptocurrency profits and trades
Residents of the Seattle area and other parts of Washington who are interested in Bitcoin may want to know more about the new tax rules regarding cryptocurrency. In order to deter tax evasion and illegal activity, the Treasury Department announced that it will require...