Another Busy Season is in the Books!
I hope you have managed to stay safe and well! We focus on resolving tax issues in Prince William County and throughout the lower Northern Virginia area.
As our 24th! regular (this year was anything but…) tax season comes to a close. We’d like to thank all of those that chose to patronize our business, and grace us with your presence in 2021. This was definitely one of the most memorable tax seasons to be sure. And while I’m writing this, I’d like to remind all taxpayers to file all tax returns they’re responsible for filling, when the returns are due. It is always better to file the returns by the established deadline, as opposed to attempting to wait until you can pay the tax that was supposed to accompany the returns.
Now, we’ll see when the IRS will be set to start pursuing outstanding tax obligations diligently. Will it be towards the end of the summer, as they have stated or will some other factors make them suspend their collection efforts for the greater good. No matter the IRS’s approach, we here at BR Accounting and Tax will be ready to lend aid to those that find themselves within the crosshairs of the “kinder, gentler” IRS. “Crypto” is now centered on their radar, and will be added to the host of things that the agency already audits. Just remember to keep good records, regarding your transactions. Whether speaking about cryptocurrencies, capital gains (no matter the source – yes, I singled crypto currencies out). That way, even if you are one of the unlucky few who find themselves on the wrong end of an audit, a path can be made to protect you from financial harm.
If you feel as though you may be one of the taxpayers having trouble with staying or becoming compliant with your tax obligations, with the regulatory authorities, We can help!. Perhaps you are one of the taxpayers who is owed a tax refund. You only have three(3) years from the original due date of the tax return to claim this refund. No matter what, after the three(3) years, “Poof” your refund is gone forever.
According to the Deputy Commissioner for Small Businesses for the IRS, this might be the worst time to try and “fool” the IRS and attempt avoid compliance. They just have too many tools at their disposal (his words), so don’t put off filing your returns for another year. Feel free to contact us if you have any questions.