Tag: irs

IRS Changing Up Procedures For Changing Accounting Method

New IRS reporting rules will be taking affect for many businesses around the country, the proposal is slotted to begin at the end of this year.

“The Internal Revenue Service is proposing procedures for how a taxpayer can ask for automatic consent to change an accounting method in preparation for the Financial Accounting Standards Board’s new revenue recognition standard…” [ Read more here ]

Factors That Will Draw IRS Attention To Your Taxes

Don’t have the worries of an IRS audit hanging over your head – get your taxes professionally prepared by Sterling Accounting! “Audits were down almost 16 percent in 2016 compared with the previous year. Just over 1 million individual income tax returns received the extra scrutiny last year, the lowest number since 2004, according to the IRS…” [ Read more here ]

IRS Still Holding More Than $1B In 2013 Unclaimed Tax Refunds

Was there ever a year you forgot to submit your tax refund? The IRS is still holding onto over $1 billion in tax refunds that were unclaimed from 2013. “The IRS estimates half the refunds are over $763, while the other half are less than that amount. Taxpayers can claim their refunds by filing a 2013 federal return by Tuesday, April 18, 2017, the filing deadline for this year…” [ Read more here ]

What Non-Cash Income Do You Need To Report To The IRS?

Sometimes, there are ways that you have made “income” over the year that is not necessarily income you saw as the form of cash in your bank. But which of these situations require you to report that income to the IRS?

“A variety of events can give you taxable income even though you’ve seen no cash. For example, consider constructive receipt. This tax rule requires you to pay tax when you have a right to payment even though you do not actually receive it….” [ Read more here ]

IRS Taking New Steps To Collect Old Debts

The IRS is stepping up their battle to collect back taxes from those who owe more then $50,000 – by taking away their passports.

“Under a new law, the Fixing America’s Surface Transportation Act, or FAST Act, the IRS is required to provide a list of people who owe back taxes to the U.S. State Department, which can deny, revoke or limit the ability of these individuals to use their passports…” [ Read more here ]

Why You Shouldn’t Wait Until April To Get Those Taxes Done!

It’s tax time! And if you’re thinking of putting yours off to the last minute – there are a number of reasons you should dive into this article… and with the help of Sterling Accounting, your taxes won’t be a worry!

“The IRS encourages early filing for a host of reasons, and it’s not just because it makes April less of a scramble at their headquarters. Below are three reasons you might want to consider getting a head start on your taxes now…” [ Read more here ]

IRS Delaying A Number Of Tax Filings, But Why?

It’s time to start filing those taxes! Get the help of Sterling Accounting for your personal, or business filing and take the stress out of the season! The IRS has announced it will be delaying a number of refunds – so how do you avoid the delays?

“The quickest method to use to receive your tax refund is to complete an electronic tax form. The tax refund is expected to be directly deposited into your bank account within 21 days of your taxes being filed. However, there could be delays…” [ Read more here ]