Tax season is not just a time for filing returns; it's also peak season for savvy criminals looking to exploit unsuspecting taxpayers. Scammers often impersonate the IRS through various channels, including over the phone, via email, or physical mail; all with the aim of stealing money and sensitive personal information. To safeguard yourself against these threats, it's crucial for all taxpayers to remain vigilant and well-informed. Here's a guide on how to protect yourself from tax scams.

Receiving a notice from the IRS about a tax audit can be anxiety-inducing, but it's crucial to stay calm and approach the process with preparation and understanding. Contrary to popular belief, an audit does not necessarily indicate suspicion of criminal activity. It's often a routine examination to ensure the accuracy of financial data on tax returns. 

Here's a rundown on how to prepare for and navigate through a tax audit, from understanding the types of audits, your rights during the process, to the conclusion of the audit.

The pink tax isn't a federal tax that affects your income tax refund, but it's a form of unequal pricing that impacts millions of women's personal finances.

 How long should I retain my past tax returns and records?

The answer is not entirely black and white; it varies based on the type of document and your specific transactions.

As of January 1, 2024, the US Government implemented New Business Ownership Information Reporting laws, which will require companies (both small businesses and large operating companies) to report information about their beneficial owners to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The objective is to enhance company visibility, thereby reducing the likelihood of illicit activities such as money laundering. 

As we dive into the 2024 tax season, we want to take some time to reflect on the exciting, memorable moments that made up 2023 here at DJL Accounting.

We’d like to thank our team for all their hard work as well as all our stakeholders who have shown us so much support this past year.