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Profit Statements: The P&R Blog

Still waiting for your tax refund?

The IRS issues most refunds within 21 days of receiving your individual tax return, but sometimes a delay occurs. If 21 days passed and you haven’t yet received your refund, don’t panic; several reasons could justify the holdup. Since the agency now falls victim to numerous fraudulently filed returns, agents approach issuing some refunds more …read more.


Gift Giving Can Be Quite Taxing

If you sent a gift to someone or some organization, you may wonder if Uncle Sam wants in on your good will…with his “fair share” of tax. Of course he does! But who pays: the giver or recipient? When do you need to file a gift tax return? The IRS offers the following guidelines to …read more.


Payroll accountants: did your boss ask for employee data?

Maybe…but maybe not! The IRS reports some companies and employees recently fell victim to a new phishing email aimed at human resource or payroll departments. The “spoof” email appears to come from a company officer that requests the payroll department sends him or her a list of employees, including sensitive information such as name, address, …read more.


It’s Small Business Week: IRS Offers Tax Tips for Entrepreneurs

If you’re an entrepreneur, you thrive on the excitement of running a small business, which rarely includes preparing your business tax return! The truth is, however, entrepreneurs should always be thinking of their business taxes, and the IRS works hard to ensure you’re educated. It’s hosting a series of webinars during National Small Business Week …read more.


Will I be taxed on my cancelled debt?

If a lender cancelled some or all of a debt you owed, the IRS—in most cases—counts the amount forgiven as income…and expects you to pay tax on it when filing your individual tax return. If your forgiven debt was for a home mortgage, you may not need to pay tax on this cancelled amount. The …read more.

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Frequently Asked Questions

Q.

If audited by the IRS, who can represent you?

A.

CPAs, attorneys and a tax professional known as an enrolled agent (EA) are authorized to represent taxpayers in an IRS audit. An EA has proven their competency by passing an...

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