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Do CPAs handle audits?
Representation. At an audit, you have the right to representation. If your accountant is a CPA, IRS enrolled agent or attorney, the IRS will allow your ac...
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What qualifies as organizational costs?
Organizational costs are expenses related to forming a corporation, partnership, or limited liability company (not a sole proprietorship). These may inclu...
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How do you report prize income?
Typically, tax on winnings, like sweepstakes or prize money, should be reported to you in Box 3 (other income) of IRS Form 1099-MISC. This includes winnin...
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Is P2P lending legal in Malaysia?
P2P lending is regulated by the Securities Commission Malaysia (SC). Before you start investing on a P2P lending platform, check if it has been licensed u...
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Do I have to pay taxes in Canada if I work abroad?
It should be noted that Canadian government staff and Canadian Armed Forces employees stationed abroad are usually considered tax residents. This is regar...
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Can someone else call the IRS for me?
If you’re calling for someone else, you’ll need the person there with you to speak with the IRS. Or, he or she can authorize you to make the call with For...
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Is the sale of a house a capital gain?
The capital gains tax applies to any individual who sells a home to earn profits. However, if you use the money to buy a new house where you would stay fo...
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What is the exemption for a married couple?
For 2020, the standard deduction is $12,400 for single filers and $24,800 for married couples filing jointly. It was nearly doubled by Congress in 2017. T...
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Do foreigners fill out W9?
US citizens and legal residents (Green Card holders) are required to complete Form W-9 regardless of residence. All US formed entities and US operations o...
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Does the IRS forgive after 10 years?
Put simply, the statute of limitations on federal tax debt is 10 years from the date of tax assessment. This means the IRS should forgive tax debt after 1...
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