Under the Corporate Transparency Act, businesses are mandated to disclose detailed information about their beneficial ownership. The term "beneficial ownership" refers to the individuals who ultimately benefit from or control a legal entity, shedding light on previously...
IRS Tax Help
What Do I Do if I Don’t Have My Records Showing Gambling Losses?
If you lost your gambling records, you can reconstruct them following very specific guidelines laid out by the government. When you're in a situation where you can't find your gambling records (or maybe never had them to begin with!), dealing with the taxes for both your wins...
Why Is There a California State Tax Levy on My Paystub?
There is a California state tax levy on your pay stub because you did not pay your full tax obligation or did not pay enough taxes. A wage garnishment is a type of tax levy that you will find on your pay stub. The California Franchise Tax Board (FTB) will contact your employer...
What Happens If You Forgot a W2 on Your Taxes?
The IRS may reject your return if you forget a W2 on your taxes. In the event this happens, you can add the forgotten document and refile it. In some cases, the IRS may accept the initial filing. They're a busy and understaffed agency. Unfortunately, they don't have the...
How To Grieve Taxes
Researching your property’s fair market value is the first step towards determining how to grieve taxes. From there you will need to file a petition with the municipality, write a letter of support and provide supporting documentation. A tax grievance takes place when a...
What Are Deferred Income Taxes?
Deferred income tax is a liability owed by a company or individual which must be paid at a later time. A prime example of this is 401(k) retirement where an individual may contribute part of their earnings pre-tax directly to their retirement with the understanding they will be...
How Far Back Can the IRS Go for Unfiled Taxes?
Very few people look forward to filing their income tax returns, but putting off this dreaded chore can lead to severe consequences that range from losing a refund to spending time behind bars. This article will cover what could happen if you don’t submit a tax return, explain...
How Do I Get an Extension on Filing My Taxes?
Individuals usually have to file their federal income tax returns by April 15, but that date was moved forward to May 17 in 2021 to give Americans more time to prepare their financial information while coping with restrictions imposed to curb the pandemic. Although this would...
Under Which Circumstance Might You Receive A Tax Refund From The IRS?
You have had taxes withheld from your paycheck all year. Now it is time to file your tax return. It is always nice to receive a refund check. There are two ways to receive a check from the IRS after filing your tax return. The best way is to reduce your tax liability through...
How Is A Homeowner’s Total Tax Bill Derived?
The advantages of homeownership cannot be underestimated. However, as with all things, there are always liabilities. For homeowners, one of those is being assessed for personal property taxes. Buying a home is always an investment and the hope is that the property will increase...