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Resources for Accountants

How Long Does the IRS Have to Find You? [Video]

How Long Does the IRS Have to Find You?

The IRS generally can’t come after taxpayers indefinitely to audit tax returns from prior years. Per Section 6501 of the tax code, the IRS has 3 years from the later of (1) the filing of a tax return or (2) the unextended due date of the tax return to assess a tax deficiency.

However, if the taxpayer omitted gross income that exceeds 25% of the gross income reported, the statute of limitations is 6 years. And if the taxpayer filed a fraudulent tax return (or if the taxpayer didn’t file a tax return at all) then there is no statute of limitations.

If the IRS and the taxpayer mutually agree, the statute of limitations can be extended by filing Form 872.

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Categories
Resources for Accountants

10 Simple Steps to Starting a New Business | How to Start a Business [Video]

Embarking on the journey of starting a new business is both thrilling and challenging. It's an opportunity to turn your passion into a profitable venture, but it also requires meticulous planning, dedication, and perseverance. Whether you're venturing into a niche market or launching a revolutionary product, having a clear roadmap can significantly enhance your chances of success. In this guide, we'll outline 10 comprehensive steps to help you navigate the process of starting your own business, from conceptualization to launch and beyond.

Categories
Resources for Accountants

Inspiring Short Stories | Seeking Happiness | Motivational & Inspirational Video [Video]

Seeking Happiness. Inspiring short stories. Motivational & inspirational video. Best short inspirational videos. Inspirational quotes about life and love.The motivational stories and famous anecdotes presented in this video are excerpts from our book: Top 100 motivational stories: the best inspirational short stories and anecdotes of all time. Get the book here: https://www.bizmove.com/inspiration/m9b.htm