Tax audits are a source of concern for many individuals and businesses. While the IRS only audits a small number of individuals and businesses, audits have the potential to lead to financial penalties and legal consequences. Understanding the main types of tax audits...
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What business owners need to know about tax liability
Taxes are an integral part of running a business. However, they can be a significant financial burden if not managed properly. Business owners must be aware of their tax liability to ensure compliance with the law and minimize their tax expenses. Different types of...
Can anyone be audited by the IRS?
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...
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...
IRS sounds warning on tax refund scam
The IRS is urging residents of Washington to beware of a new tax refund scam. You may have received a piece of mail that sports the official IRS logo or some semblance thereof. It usually comes in a cardboard envelope via a delivery service. Inside is a letter that...
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...
Common situations that lead to small business tax audits
Running a small business can be rewarding, fulfilling and potentially very lucrative. However, small business owners bear the burden of risk when mistakes occur regarding business operations and tax situations. One fear-inducing possibility for many small business...
Freelancers and gig workers should begin preparing for 2023 tax changes
Are you a freelancer or a gig worker in Washington? Those who work in this capacity know they have to keep good records of their income and expenses. If you receive payment via one of the convenient online apps, you'll need to pay stricter attention to your income...
What to do if you receive a notice of deficiency
Receiving a notice of deficiency can be a daunting experience for Washington taxpayers. It is an official notification from the IRS that you owe additional taxes, penalties or interest for a tax year. This notice is usually sent after an audit or examination of your...