Tag: tax services

IRS Employment Tax Violation Could Land Man Behind Bars

Payroll mistakes can cost your business big time, get the help and expertise of the industry’s trusted accounting services from Sterling Accounting.

Don’t end up like one Texas business owner who is now in debt to the IRS for an alleged $18 million. “[Richard Floyd] Tatum withheld approximately $12 million in payroll taxes from March 2008 through December 2012, which he did not pay over to the IRS. Tatum also failed to pay $6 million of AMI’s contributing share of Social Security and Medicare taxes during the same quarters…” [ Read more here ]

What To Do With That Tax Refund?

That big tax refunds on the way, and I’m sure there are a number of fun items you’d love to run to the store and pick up… but there may be a better way to put that money to use.

“A check from the IRS offers most of us a chance to do something financially meaningful. But meaningful doesn’t have to mean boring. Here are nine ways to get the most out of your 2016 tax refund…” [ Read more here ]

winter storm prompts extra time for some tax filings - sterling accounting

Winter Storm Prompts Additional Time For Some Filings

Some tax payers are getting a little bit of extra time following the devastating winter storm that just ran across the country. “With many areas still digging out, the Internal Revenue Service (IRS) has announced that it is granting many affected businesses extra time to request a six-month extension to file their 2016 federal income tax returns…” [ 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 ]

What Tax Benefits Can You Draw From Your Insurance Policy?

Have you taken to the road of a single premium life insurance policy, as many have in recent years? If you have, it (as with most policies) are eligible for tax credits… so how do you know you’re getting what you should?

“There are single premium life insurance (SPLI) policies as well, which provide similar benefits of protection and savings as the regular premium ones. The term of SPLI policies is usually 10 years, but one can exit after five years…” [ 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 ]