Profit Statements: The P&R Blog
I received a corrected 1095-A…what next?
Did you file an individual tax return earlier in the year, only to later receive a corrected 1095-A in the mail? Does this mean you should file an amended return? Short answer: no. Even if the corrected form increases the amount you owe, the IRS says you don’t need to file an amended return. However, …read more.
IRS or a scammer? Avoid the mistake thousands make.
Whether or not you owe money from your individual or business tax return, watch out. The IRS warns taxpayers that scammers continue acting more boldly and deviously to separate you from your money. They use fake letterhead, fake caller ID, fake names, and fake badge numbers to convince you they’re an official contact. Don’t be …read more.
Earning money from your hobby?
Here’s a bookkeeping fact you may not know: if you earn income from your hobbies, you must report those earnings to the IRS. Reporting hobby income differs from reporting business income. If you’re not sure whether your activity classifies as business or hobby, the IRS offers 9 factors to help you determine. Once you identify …read more.
Ayuda del IRS en Español
Las reglas de impuestos no son fáciles para entender. Puede ser hasta más difícil cuando uno no habla inglés. El Servició Interno de Ingresos (IRS) entiende el problema que encuentran muchos ciudadanos que no manejan el inglés. Por eso ellos ofrecen varios recursos en español. Puedes ir aquí: http://www.irs.gov/Spanish para usar los recursos. Puedes usar …read more.
IRS, Tax Industry and States Collaborate to Combat Fraud
The recent rise in individual tax fraud and ID theft cases alarms many taxpayers, and rightfully so. In response to this recent spike, the IRS took new measures to protect taxpayers. Bringing together tax preparation and software firms, state tax administrators, and other professionals from the tax industry, the IRS assembled stakeholders to enhance security. …read more.