Understanding Tax Terms: Structuring – IRS has broad authority to seize bank accounts
Understanding Tax Terms: Structuring IRS has broad authority to seize bank accounts The IRS has broad powers to seize bank accounts if it believes there is criminal activity and you are actively trying to avoid their financial transaction reporting requirements. Here is what you should know. Understanding Tax Terms: Structuring If someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. Knowing what is reported and the power given to the IRS to seize related assets can be important. Background In an effort to identify questionable illegal transactions,
Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return
Understanding Tax Terms: All those 1099’s – Be prepared to file your tax return So many 1099’s. How do you keep them all straight? Here is a quick review of the most common 1099’s to help you prepare to file your tax return Most taxpayers receive at least one 1099 each year. Virtually every small business, including sole-proprietors, must issue at least one 1099 each year. Here is a summary of the most common of these informational tax forms that you will need to file your tax return this year. The Form 1099 The Form 1099 is an informational tax
Understanding Tax Terms: Basis – Covering the bases on basis
Understanding Tax Terms: Basis – Covering the bases on basis This commonly used tax term is anything but common to most of us. Knowing the basics of basis can serve to lower your tax obligation when you sell property.