Precise Account Solutions

Here comes IRS army.

Inflation Reduction Act of 2022 and IRS tax enforcement Last August 16, Joe Biden signed the Inflation Reduction Act of 2022 (H.R. 5376). But how will this affect businesses and individuals referring to the investments made on IRS?

One thing most people mistake is that filing for your Tax Return Extension extend also when you have to pay your taxes. When filling for an extension you can use the benefit of a late reporting but having any amount of taxes to be paid, if not paid by April 18th, penalties and interest may occur even with a Tax Extension granted.
We’re starting our last week deadline, most of Tax Accountants are receiving this week an enormous number of late filers. Make sure your tax obligations will be due on time.

As we’re under another weather alert in Texas I came across a statement made by NOAA (National Oceanic and Atmospheric Administration) that we’re experiencing a record-Breaking number of natural disasters in 2021, causing over $18 billion dollars loss until early October.
Not everybody knows but it’s important to keep proper documentation of casualties and disaster losses and provide it to your Tax Professional so she/he can apply to your Tax Return all the available benefits and reliefs provided by IRS.
Talk to a Tax Professional and get informed about what you’ll need for when the filing season arrives.