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#tax advisor & preparation
nando161mando · 15 days
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Super rich and their (lol) taxes
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nritaxtionbharat · 19 days
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Understanding tax regulations can be challenging for Non-Resident Indians (NRIs) looking to manage their tax responsibilities in India. With various rules and exemptions, NRIs have to grasp the tax system to meet requirements and reduce tax obligations. India offers a range of tax exemptions and deductions specifically tailored for NRIs, providing opportunities to lower taxable income and optimize tax efficiency. Lower Tax Service in India is a positive step towards promoting economic growth and providing relief to NRIs. At NRI Taxation Bharat, we provide personalized guidance, filing, and advisory services in navigating the NRI's lower tax service in India.
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taxadvisorblog · 1 month
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What Happens If You Lie on Your Taxes?
No one likes to file taxes, but it's one of those civic duties you can't ignore. Every tax season, it's wise to work with a Brooklyn tax advisor to get your ducks in a row, maximize your tax savings and put taxes behind you until next year. While tax professionals can help you do things right, some people do it themselves and fudge the truth to lower what they owe.
Of course, you should never lie on your taxes. But what happens when you do?
Tax Perjury
Let's get one thing clear: Lying on your taxes is illegal. It's a federal crime! Even white lies can get you into hot water with the IRS.
Lying on tax documents is a crime known as tax perjury. Typically, tax perjury occurs whenever an individual intentionally files fraudulent documents. You also break the law when you help someone else do so. Both the tax filer and the preparer can violate federal law by lying.
There are many instances in which the federal government will pursue perjury charges. Some common examples include misidentifying a main source of income, lying about deductions or falsely claiming a non-eligible dependent.
Tax Evasion
In serious cases of perjury, lying can teeter into tax evasion territory. Tax evasion is when someone attempts to get out of paying taxes. Your actions in lying could qualify for evasion.
What are the Penalties?
Tax perjury comes with some serious penalties. The crime is punishable by up to a year in federal prison! But that's not all. Individuals who commit tax perjury can receive a fine of up to $25,000. Corporations who commit perjury may pay up to $100,000.
If your actions turn into tax evasion, the ramifications are even worse. Tax evasion is punishable by up to five years in prison and can come with fines of up to $100,000 for individuals or $500,000 for corporations.
Do yourself a favor and file your taxes honestly. Work with a Brooklyn tax advisor if you struggle to fulfill your tax obligations. They can help you set up payment plans and find options to assist you. It's better than breaking the law, risking prison time and paying steep fines.
Read a similar article about accountant in Long Island here at this page.
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hotspotcitynet · 1 month
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IRS Tax Extension For 2024
Determining Whether You’re In Need Of An IRS Tax Extension For 2024 Early On. It is sometimes necessary extend your tax preparation especially if you need more time to file. The IRS tax extension deadline for US filers is October 15. This means that you will need to file Form 4868 to initiate the extension process. If you need help with filing an extension on your taxes this year, Howard Dagley,…
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dinoyusuerts · 1 month
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Accounting Firms in Houston: Finding the Right Accountant for Your Business - In this article, we will explore the key factors to consider when choosing an accounting firm, the benefits of hiring a local accountant, the role of a tax accountant, and how accounting services can contribute to your business’s growth.
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lexingtontaxgroup · 1 month
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Navigating the Maze: How to Handle IRS Letter CP59 with Lexington Tax Group
Received the IRS Letter CP59? Here’s What You Need to Know
Opening your mailbox to find an IRS Letter CP59 can be an intimidating experience. This letter is the IRS's way of informing you that they have no record of your personal tax return for the prior year. Before panic sets in, know that there's a clear path forward, and Lexington Tax Group is here to light the way.
Immediate Steps to Take After Receiving IRS Letter CP59
First and foremost, understanding the message behind Letter CP59 is crucial. It's not just a reminder but a prompt for immediate action to avoid potential penalties or more serious consequences. This is where Lexington Tax Group steps in, offering a comprehensive service specifically designed for CP59 recipients.
Lexington Tax Group’s Comprehensive Approach
Swift Action: Our first order of business is to protect you from immediate collection actions by the IRS. We understand the urgency of the situation and prioritize halting any collections process in its tracks.
Gathering Information: We then proceed to contact the IRS on your behalf. Our team works diligently to obtain all reported income information necessary to address the discrepancies highlighted by the CP59 letter. This step is fundamental in ensuring that we have a complete understanding of your tax situation.
Filing and Compliance: With all the necessary information in hand, we assist you in preparing and filing any missing tax returns. Our goal is to make this process as smooth and straightforward as possible, ensuring your tax records are accurate and up-to-date.
Resolving Tax Debts: For those who find themselves facing tax debts as a result of the filing process, worry not. Lexington Tax Group is well-versed in a myriad of debt resolution strategies. Whether it's arranging a payment plan or exploring hardship programs, we are committed to finding a solution that best fits your financial situation.
Why Choose Lexington Tax Group?
Choosing Lexington Tax Group means opting for peace of mind. Led by CEO Adam Hastie, our team is not only experienced in tax law and IRS procedures but is also empathetic towards the stress and confusion that can accompany IRS notices. Our personalized approach ensures that your case is handled with the attention and urgency it deserves.
Take Action Today
If you’ve received an IRS Letter CP59, now is the time to act. Lexington Tax Group is ready to guide you through the process, from understanding your notice to achieving tax compliance and resolving any ensuing financial matters. Don’t navigate this alone; our experts are here to support you every step of the way.
For more information or to schedule a consultation, contact us at 800-328-8289 or visit our website at www.LexingtonTaxGroup.com. Let us help you turn this challenge into a step toward financial stability and peace of mind.
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lupiomloraee · 2 months
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Accounting Firms in Houston: Finding the Right Accountant for Your Business - In this article, we will explore the key factors to consider when choosing an accounting firm, the benefits of hiring a local accountant, the role of a tax accountant, and how accounting services can contribute to your business’s growth.
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modisoonemilly · 3 months
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Managing payroll taxes is a critical aspect of running a business, and miscalculations can lead to significant financial risks. In this article, we'll delve into the potential $10,000 payroll tax gamble that businesses face and explore why it's crucial to navigate this aspect with care. 
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islarpoppyn · 5 months
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Outsourcing the bookkeeping to accounting and tax consultants in Houston can keep a systematic record of the financial data. What else helps? Read on.
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bookkeeperlive12 · 6 months
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hire4 · 6 months
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Hire an Accountant - Guide for Startups | Hire 4
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Discover how to hire an accountant for your startup with our comprehensive guide. Ensure financial success with the right accounting expert!
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my-financials · 7 months
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How to Prepare for Student Loan Repayment: A Step-by-Step Guide
Student loans can be a major financial burden for many people. But there are things you can do to prepare for them and make them easier to manage. Here are a few tips: 1. Create a budget. This will help you track your income and expenses to see where your money is going and ensure you have enough to cover your student loan payments. There are many different budgeting tools and resources…
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Safeguard Your Finances: Learn How to Spot and Prevent IRS Scams. Stay informed and protect yourself from fraudulent schemes this tax season. Read our comprehensive blog now!
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hotspotcitynet · 5 months
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Don't Stress This Thanksgiving
Don’t Stress This Thanksgiving! Get help from the best CPA in SoCal before the tax deadline is here! Howard Dagley, CPA will streamline your taxes and advise you on the best course of action for your business. So you can rest assured during the Thanksgiving holiday that Howard has your back. Get all of your tax questions answered. Call Howard Dagley, CPA today for help with your taxes this…
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dinoyusuerts · 1 month
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Welcome to our guest post, where we'll explore the realm of financial management, tax accounting, and business consulting in the vibrant areas of Houston, TX. Whether you're a business owner or an individual seeking professional guidance for your financial affairs, this article is here to enlighten you.
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vihanzlunia · 8 months
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Outsourcing the bookkeeping to accounting and tax consultants in Houston can keep a systematic record of the financial data. What else helps? Read on.
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