Amended tax returns must be paper filed using Form 1040X Tax returns must be amended within 3 years of their original filing. If you are amending more than one year, you should file separate Form 1040x forms for each year. Tax returns should be amended to correct errors such as a change in filing status or to correct income, deductions, or credits. Tax returns shouldn’t be amended for math errors or missing forms.  The IRS will automatically correct math errors.  The IRS will mail a request for information if needed. If you are due an additional refund, you should wait to
More

We are blessed to live in the USA.  As Americans we enjoy many freedoms and protections.  The Taxpayer Bill of Rights is listed below: The Right to Be Informed Taxpayers are entitled to clear explanations of the laws and IRS procedures on all tax forms, instructions, publications, notices and correspondence. Taxpayers have the right to know what they need to do to comply with tax laws. Taxpayers have the right to be informed of IRS decisions about their tax accounts and to receive clear explanations of the outcomes. The Right to Quality Service Taxpayers have the right to receive prompt, courteous,
More

 Safeguard your social security cards and mask your social security number whenever possible.  Don’t give your social security number out just because a business or healthcare provider asks for it.  Many times, social security numbers aren’t required and can be left off of paperwork. Do not click on any links or open any attachments that appear to be from the IRS.   The IRS does not initiate contact with taxpayers by email, text message, or social media.  You can read more about IRS scams here. Shred all documents with financial and personal information. Keep personal copies of financial statements and tax
More

 The crime needs to reported to local police and the Federal Trade Commission.  Then, close any affected bank and credit card accounts. Contact one of the 3 major credit bureaus and freeze your credit.  More information about freezing your credit can be found here. Contact the IRS Identity Protection Specialized Unit at 800-908-4490.  The IRS will provide a PIN that will be required to file tax returns or receive refunds. More information for victims of Identity Theft can be found here.      
More

Copies of tax returns should be kept for at least 3 years.  The IRS can provide copies of prior year tax returns for a fee. IRS Tax Transcripts are often necessary for applying for a mortgage or college financial aid.  If you need a tax transcript, the IRS will provide one for free.  Transcripts provide a summary of your tax return information and they are available for the most current year and the past 3 years. Tax Transcripts can be ordered on-line, by phone, or by mail.  More information can be found here.  
More

Employees with too much or too little tax withheld from their paycheck can give their employer a new Form W-4.  Mid-year is a good time to make adjustments if needed.   The IRS Withholding Calculator  can be used to determine the number of allowances to claim.  If you are self-employed, Form 1040ES should be used to remit quarterly estimated tax payments and can also be used to determine the amount of tax to remit.
More

2nd Quarter Employer Federal Tax Returns (Form 941) are due on July 31, 2017.  A complete listing of all employer tax due dates can be found here.
More

TN Charitable Solicitation Registrations are due 6 months after the end of a non-profit organization’s accounting year.  Organizations with a fiscal year end of December 31 should file their TN Charitable Solicitation Registration by June 30.  More information about TN Charitable Solicitation Registration can be found here.
More

A QuickBooks On-Line Plus subscription retails for $40 a month.  This subscription includes automatic data back up and bank-level security and encryption.  Five company users can have access with different permission levels and 2 accountant users can be added for no additional cost.  Over 65 reports are available with a QBO Plus subscription. If you charge customers sales tax, QBO Plus will add sales tax to purchases and keep up with the accounting for your sales tax payable.  QBO Plus will allow you to send customers invoices and estimates and print checks from your computer.  Bank and credit card transactions
More

A QuickBooks On-Line Essentials subscription retails for $30 a month.  This subscription includes automatic data back up and bank-level security and encryption.  Three company users can have access with different permission levels and 2 accountant users can be added for no additional cost. If you charge customers sales tax, QBO Essentials will add sales tax to purchases and keep up with the accounting for your sales tax payable.  QBO Essentials will allow you to send customers invoices and estimates and print checks from your computer.  Bank and credit card transactions can be downloaded and accepted into your books.  Your QBO
More