Insights and Inspiration for Your Marketing

It might come as a shock, but the IRS occasionally makes mistakes. Even more surprisingly, those mistakes occasionally wind up in your favor! When it comes to business tax refunds, calculating underpayment interest, and financial penalties incurred against your business, the IRS might come to the wrong final figures.

When any of these calculations result in your company overpaying, you are legally owed by the IRS. The problem is, many of these IRS errors go unnoticed.

Believe it or not, this happens! This situation usually occurs between divorced spouses, but sometimes it is a case of identity theft. In order for someone to claim your child as a dependent, they would need access to the child’s full name, social security number, and date of birth.

Keeping track of your personal or business finances can be a hassle. That’s why professional accountants exist. It’s our responsibility to provide you with accuracy, guidance, and industry updates that otherwise have the potential to blindside the unsuspecting DIY bookkeeper. We’re going to take a look at some of the pros and cons of Do-it-Yourself bookkeeping, because we’re all at our best when we’re informed.

In May 2015, the information of approximately 100,000 taxpayers was compromised during tax season when hackers broke into the IRS’s Transcript Application system called “Get Transcript.” An investigation followed, and it was recently revealed that nearly 390,000 additional accounts were jeopardized.