Express Tax Rescue

As a seasoned tax resolution specialist, I’m here to shed some light on. the Statutes of Limitations for Tax Audits. It’s a topic that can seem intimidating, but it’s crucial for every taxpayer to understand. ?? Federal Time Frames: Under federal law, the IRS has a standard **three-year window** to audit your tax returns, starting from the due date or the filing date, whichever is later. But keep in mind, certain situations can extend this period. ?? Important Exceptions: - If your income is understated by 25% or more, the IRS may audit you up to **six years** after filing. - In cases of fraud or failure to file, the IRS can audit without any time restriction. ??? State-Specific Rules: Remember, state tax audit time limits can differ. Always check your state’s regulations to stay informed and compliant. ??? Why This Matters to You: By understanding audit time limits, you can: - Maintain necessary records for the appropriate duration. - Anticipate the closure of audit risks for specific tax years. - Strategically address past tax return concerns. ?????? Expert Advice: Consulting with a tax professional is the best way to navigate these intricate rules and maintain compliance with both federal and state tax laws. Knowledge is your best defense in the realm of taxes. Stay informed, stay prepared, and reach out if you need expert guidance on IRS matters! 678-834-8400 #TaxTips #IRSAudit #TaxResolution #TaxPreparation #FinancialPlanning

Feeling overwhelmed with IRS audits? ?? Discover how far back the IRS can dig into your taxes and what it means for you. Whether it’s 3 years, 6 years, or possibly forever, stay informed and ahead of the game. Click the link to learn more and ensure you’re prepared for any tax surprises! ???? https://lnkd.in/e-CggkQX

Filing for bankruptcy should be your last resort when dealing with tax debt. ?? As a tax resolution expert, I'm sharing 5 powerful strategies to help you find a better solution. #bankruptcy #bankruptcyalternative #taxdebtrelief #liens #levies #wagegarnishment

Success starts with a powerful mindset, a clear goal, and a big dream. Start building your dream today, no matter how small the step. Action is what turns dreams into reality. What steps are you taking today to build your dream? . . . #Mindset #Goals #BusinessOwner #EntrepreneurLife #fEntrepreneurship #SmallBiz #TaxTips

The IRS has offered guidance on exceptions to the tax on early emergency retirement distributions. If you need to take an early distribution from your retirement account due to an emergency personal expense or because you are a victim of domestic abuse, you may not have to pay the additional 10% tax. Stay informed and check out the full article ?? https://lnkd.in/ef2KYytQ for more details. #IRSNews #RetirementPlanning #FinancialRelief

Did you know the IRS has expanded early withdrawal options for retirement accounts? Penalty-free withdrawals are now available for qualified emergencies (up to $1,000 annually) and survivors of domestic abuse (up to $10,000). These exceptions offer crucial financial relief for those facing unexpected hardship. However, it's important to understand the rules and potential tax implications. Consult with a tax professional to explore whether this option is right for your situation. #RetirementPlanning #FinancialHardship #TaxLaw #FinancialAdvisor

Missed the tax deadline? Don't worry! ?? The IRS has options to help. If you owe taxes, file your return and pay as much as you can ASAP to reduce penalties and interest. If you're unable to pay your tax bill in full, the IRS offers resources to help. Stay informed and check out the full article ?? https://lnkd.in/eZRMWJEE for more details. #IRSNews #TaxDeadline #FinancialPlanning

Missed the tax deadline? Don’t worry, the IRS has got your back! Here’s what you need to know: 1?? File ASAP: If you owe taxes, file your return and pay as much as you can as soon as possible. This helps to minimize any potential penalties and interest charges1. 2?? Payment Plans: Can’t pay in full? The IRS offers several payment options, including installment agreements and offers in compromise1. 3?? Penalty Relief: If you receive a penalty notice from the IRS, you may qualify for penalty relief if you have filed and paid on time for the past three years1. Remember, staying informed about these options can help you navigate your tax situation and avoid any surprises during tax season. For more tax insights and updates, turn on your notifications. We’re here to help you stay informed and prepared! #TaxEducation #IRSNews #FinancialPlanning

??IRS Announces No Change in Tax Interest Rates for Q3 2024 The IRS has confirmed that the interest rates for tax overpayments and underpayments will remain unchanged for Q3 2024. This means: - For individuals, the rate will stay at 8% per year, compounded daily. - For corporations, the overpayment rate will be 7%. Understanding these rates is crucial for financial planning and tax compliance. For more details, check out the full article ???? https://lnkd.in/eZsmPaEz #IRSNews #TaxInterestRates #FinancePlanning

The IRS is shaking things up with new proposed regulations on company stock buybacks. This could be a game-changer for corporations and investors alike. For more details, check out the full article on Forbes ?? https://lnkd.in/gNCX4jXE #IRSNews #StockBuybackTax