Then and Now: US Tax History

Then and Now: US Tax History

Although it may feel as if taxes have always been a fact of life, in early US history, there was no income tax nor other forms of direct taxation. After the Revolutionary War (which began due to taxes imposed by the British), it was inconceivable that the new...
10 IRS Facts You Must Know

10 IRS Facts You Must Know

The IRS goes diligently about its task of collecting every dollar taxpayers owe the government. Taxpayers, for their part may work hard to frustrate its efforts. Over decades, the government has approved laws and regulations that make taxpayer’s lives increasingly...
IRS Statute of Limitation on Debt Collection

IRS Statute of Limitation on Debt Collection

One thing you can stop worrying about is whether the IRS will chase you forever like Tom Hanks did Leo DiCaprio in “Catch me if you can”. Fortunately, there is such a thing as IRS statute of Limitation. How Long Can the IRS Haunt Me down to Pay? Lucky for many, Uncle...
What to Expect When the IRS Audits Your Business

What to Expect When the IRS Audits Your Business

When you receive a notice from the IRS that your business financial records are due for an audit, it can be a little daunting. It needn’t be, especially, if you have taken every step to be prepared for the audit, and if you know what to expect during the audit. As...
Understanding Employment Taxes

Understanding Employment Taxes

Much as we may resent them, two inevitable events happen to each of us when we enter this world; one is the payment of employment taxes, the other is a visit from the ‘Grim Reaper’ at some point in time. The Right Way to Proceed Understanding Employment Taxes goes a...