Income tax fraud is purposely disobeying tax law or working to defraud the Internal Revenue Service (IRS). The IRS is very specific about which actions constitute fraud. Filing a false tax return, failing to report all income, and purposely not filing taxes is fraud. Submitting
While it’s recommended to file your taxes each year by the deadline regardless of whether you’re expecting a refund or not, many people neglect this responsibility. However, like all other choices you make in life, there are often consequences of your choices that you cannot
We’re now in June and the difficult time of April is long gone with all of its stresses for many, what with the mad rush to get those income taxes filed on time. In fact, there are many who don’t—according to statistics, more than 10 million
The average mortgage applicant understands how the process works. When an application is submitted, lenders will verify information and consider the merits of the application. During this process, lenders perform background checks and analyze an applicant’s financial situation. Most lenders obtain tax transcripts from the
Mortgage lenders mandate that borrowers meet strict income requirements for a given loan. Countless loan applications are denied because applicants cannot meet these requirements. Similarly, lenders deny mortgage applications when they cannot verify income information. Prospective home buyers often wonder whether lenders verify income figures
It’s important for individuals with self-employment income to understand that, unlike with wage earnings issued by an employer, their income as an independent contractor, sole proprietor, part-time or full-time business owner, or small business owner doesn’t have automatic tax deductions taken from it. First, you’ll need
To a certain level, mortgage lenders do not view debt as a no-go on offering you a home loan. Collections and judgments from private entities hurt, but nothing hurts as bad as owing the government unpaid funds. Even if the debtor is the federal government,
Tax reform has been a major issue in the United States this year. When President Trump was on the campaign trail, he promised a better tax code that would make the United States more competitive with other nations. Over the past few weeks, the tax code
Storing financial documents can become a burden for someone who isn’t properly organized. However, keeping financial documents is incredibly important, especially way after you’ve initially received them. Standard rules state that you should keep your financial documents for about 6 years. This is incredibly important,
As the looming tax season approaches, many taxpayers scramble to find the answers pertinent to their unique employment, investment and business-related questions from qualified accountants. The question of how long to hold on to tax-related paperwork is one of the most frequently-asked questions that preparers