TAX ISSUES | BIDaWIZ Blog

What Can I Do If My Employer Took Out Too Much Social Security Tax?

By The BIDaWIZ Team on January 31st, 2012 at 6:00 pm

If this applies to you and you never mentioned anything to your employer in 2011, it's important to follow certain steps so you can recover the amount of social security taxes you overpaid. .

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TAX ISSUES

What are My Chances of Being Audited by the IRS?

By Susan Ladika on January 12th, 2012 at 2:00 pm

When tax time rolls around, one of the biggest concerns for many taxpayers is how to avoid an IRS audit. Read More.

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TAX ISSUES, TAX PREPARATION

Did Your Tax Preparer Forget To Sign Their Name or Include a PTIN?

By The BIDaWIZ Team on July 13th, 2011 at 3:40 pm

Just when you thought your tax return was correctly signed, sealed and delivered, the IRS just informed the public that 100,000 tax preparers did not include a correct Preparer Tax Identification Number (PTIN). As part of the IRS’s initiative to increase its oversight over the tax preparation industry, tax preparers are now required to obtain a PTIN and include it with their signatures on the tax returns that they prepare. You might be asking yourself, “How do I know if my tax preparer included what they were suppose to when the tax return was prepared.” Read More.

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TAX ISSUES

1099 Forms Gone Wrong

By The BIDaWIZ Team on January 21st, 2011 at 6:19 pm

The first deadline for companies to issue 1099 forms is quickly approaching. That means that many companies are scrambling to issue 100s if not 1000s of 1099 forms within the next two weeks. The result is that there will, as there are every year, incorrect 1099 forms. Find out what to do if you receive an incorrect 1099 form. .

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TAX ISSUES

Does the IRS Accept Scanned Receipts?

By The BIDaWIZ Team on December 18th, 2010 at 3:08 pm

You sure can scan your receipts and throw away the originals. Most taxpayers don't realize it but the IRS has actually accepted scanned receipts as far back as 1997. .

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TAX ISSUES

The IRS Makes Mistakes Too!

By The BIDaWIZ Team on November 12th, 2010 at 5:29 pm

In fact, the IRS can make mistakes too as indicated in a recently released report (11/10/10) by the GAO (US Government Accountability Office). The IRS’s internal control and financial management systems showed serious deficiencies in 2009 and 2010. Specifically, the IRS did not release tax liens in a timely fashion, had control issues with tax refund disbursements and had control issues over unpaid tax assessments & information security. Read More.

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TAX ISSUES

My Employer Just Said That My 2008 W-2 Form Is Wrong!

By The BIDaWIZ Team on October 29th, 2010 at 12:40 pm

Many taxpayers in this situation are very apprehensive about reopening their prior year tax returns because they are afraid that they will get into trouble with the IRS. But, there is really no need to be concerned as this type of mistake is fairly common. .

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TAX ISSUES

Why Is My Tax Refund Lower Than I Expected?

By The BIDaWIZ Team on October 18th, 2010 at 7:58 pm

After filing a tax return, most taxpayers that are entitled to a federal or state tax refund are usually content with the amount of the check. However, this is not always the case, as there are instances in which the tax refund received is much lower than the taxpayer initially expected. Find out some of the likely causes for this lower than expected tax refund scenario. .

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TAX ISSUES

Choosing The Right Accountant For An IRS Issue

By The BIDaWIZ Team on August 26th, 2010 at 8:22 pm

Long after April 15th, some taxpayers realize that they (or their tax preparer) made a big mistake by not reporting certain income on their filed tax return. They then decide, based on the direction of their legal advisors, to participate in what is called the IRS Voluntary Disclosure Program. The program may seem risky but it is generally the smart move in that the taxpayer will become tax compliant & have a greater chance of avoiding substantial civil penalties and eliminate the risk of criminal prosecution. Usually the next step for the taxpayer is to present an amended tax return. The question then arises, "Which tax preparer should I use to prepare the amended tax returns?" The original tax preparer, a new one, or a top tier CPA firm. .

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TAX ISSUES

What Are Tax Settlement Companies Really Selling?

By The BIDaWIZ Team on August 25th, 2010 at 4:21 pm

There seems to be no shortage of offers from tax settlement companies claiming to reduce your tax debts to "pennies on the dollar." Usually, these companies boast infomercial advertisements late at night offering quick tax relief for consumers facing significant back-tax liabilities. Do some of these companies help people? Sure. But, by and large, if it sounds too good to be true, it is. .

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