Getting a letter from the IRS can be unsettling, but it doesn’t have to be a headache. Most of the time, the IRS is just trying to clear something up or get additional information. Here’s what to do if one shows up in your mailbox:...
Who qualifies for the extended deadline? You get this two-month extension (from April 15 to June 16) automatically if either of these apply: You live and work outside the U.S. and Puerto Rico, or You’re serving in the military outside the U.S. and Puerto Rico. To use...
Over the past several weeks, we’ve broken down some of the most common scams individuals are facing—many with big tax consequences. These schemes aren’t just about lost dollars. They’re about shaken trust, stolen time, and emotional stress most folks never saw coming. Here’s what we covered: ...
Facing an IRS audit can be stressful, but staying calm and organized is crucial. Begin by thoroughly examining your tax return, ideally with the help of the preparer or, if you filed independently, a qualified tax professional. The objective is to identify any red flags...
A Roth IRA conversion involves transferring assets from a traditional IRA to a Roth IRA, and while it may be a smart move for some, it’s important to understand the implications and benefits before proceeding....
If you’ve ever picked up the phone and heard someone say they’re calling from your bank’s “fraud department,” you’re not alone. This month, we’re breaking down a scam that’s becoming far too common—the compromised account scam....
As you plan for potential tax policy changes under the new presidential administration, take the opportunity to identify and mitigate tax risk issues. According to the 2024 BDO Tax Strategist Survey, only 40% of respondents had implemented a tax risk mitigation and response strategy, which...
The IRS's annual "Dirty Dozen" memo lists 12 scams you should watch out for. This education effort wants to protect you from tax traps like identity theft or being misled into claiming tax credits you're not entitled to....
All year long, employers withhold income tax from the paychecks of their employees. Each paycheck is distributed to you after your employer has taken out a portion of your paycheck to pay the IRS on your behalf....
Per the Internal Revenue Service (IRS), fringe benefits are taxable and must be counted in the recipient's gross wages, unless the item is specifically excluded by law....
