CPA

IRS Continues To Urge Taxpayers To Doublecheck Their Withholding As Tax Pros Express Concern Over Draft Form W-4

IRS Continues To Urge Taxpayers To Doublecheck Their Withholding As Tax Pros Express Concern Over Draft Form W-4

The hallmark of the Tax Cuts and Jobs Act of 2017 (TCJA) was supposed to be its simplicity. By eliminating the personal exemption amounts and doubling the standard deduction, the theory was that taxpayers would have a tax return that was so simple that it could fit onto a postcard. In the weeks and months following the TCJA, that postcard got a little bit bigger […].

Receive An IRS Summons? Here's What To Do

Receive An IRS Summons? Here's What To Do

Almost any IRS correspondence is stressful, but when a request for substantiation or documents looks like legal process, stress levels go higher. Usually, the IRS asks for information in an IDR, on IRS Form 4564. You are under no legal obligation to respond, but you generally should. Otherwise, your case with the IRS will escalate. The first way an IRS probe usually escalates is from an IDR to a summons.