Unfiled,income,tax,returns,and business, insurance Unfiled income tax returns and compliance issues in the liqu


As we all know to live in this world we have to perform some activity by which we can earn money. There are many activities by which we can earn money and meet the standards to live in this society. And from one of them is franchise.  Franc Small offices have unique needs, and thatincludes document shredding. Designed with the smaller business inmind, the Dahle 20314 is a cross-cut shredder that offers Level 3security and brings you into compliance with federal regulations. The


https://accountingsolutionsltd.com/accounting-articles/liquor-store-distribution-unfiled-income-tax-returns-compliance/Liquor Store Unfiled Income Tax Compliance in the Liquor Industry is essential.Generally, one of the reasons why new clients would come to a recommended small business accounting firm like ours in Chicago, would be un-filed income tax returns and compliance issues. the problem with small businesses being behind in filing income taxes, is by no means a new phenomenon. the so called Tax Gap has existed in this country since before the formation of the Internal Revenue Service itself. there have always been those businesses who did whatever was necessary to remain in compliance and those who, for whatever reason, did not. This Income Tax Gap is currently, conservatively estimated at $300 Billion annually in lost federal tax revenues. There has been an enormous amount of press in recent years devoted to this problem. I’m sure that we have all heard the stories of individuals and business owners who haven’t filed an income tax return in the past twenty or so years. Many ask a reasonable question like, “How is this possible?” I asked this same question to an IRS Agent that I met at a continuing education seminar many years ago. If I may paraphrase, this is generally the answer that was given. Lets say that a person hasn’t filed an income tax return for the past two years. Before the IRS sends out letters asking for the returns to be filed, they will look at the results of the past few years that were filed. If those years resulted in a large refund, then the IRS is not going to send out a letter asking them to file the returns. The IRS, again this is generally what the IRS Agent told me, would rather not refund the money. they would rather hold onto the refund. So… A couple of years ago, under intense pressure from various sources, the IRS instituted a new program to get taxpayers back into compliance. the AUR or Automated Underreporter System is designed to utilize information provided by third parties such as banks to automatically send out either CP2000 notices which propose an additional tax due, or simply select businesses or individuals for audit. This process is designed to select approximately 30% of the AUR inventory in any given tax year. Approximately 16 million tax submissions annually are tagged as AUR cases. In 2008, the IRS collected $4.7 billion from its document matching program. It has also been my experience that un-filed income taxes have much greater and longer lasting effect. The overall effect is simply that businesses don’t tend to do as well as those that stay in compliance. Those businesses that don’t file income tax returns can’t get loans to either expand their revenues or finance on-going operations. they can’t lease equipment, purchase property, or get the capital necessary to move on to the next level. If you are having problems with your Liquor Store Unfiled Income Tax or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at [email protected] Additional Accounting Articles and information on my firm can be found at www.AccountingSolutionsLtd.com

Unfiled,income,tax,returns,and

business

Europe Construction Equipment Market (2020-2026)

Market Forecast By Types(Cranes (Mobile Cranes, Crawler Cranes, Tower Cranes), Earthmoving Equipment(Loaders, Excavators, Motor Grader)), Aerial Work Equipment(Articulated Boom Lifts, Telescopic Boom Lifts, Scissor Lifts), Material Handling ...

business

Raheja SCO Plots brings Commercial Space in Gurgaon

Being a financial and technology hub Gurgaon is a prominent place for commercial space. Raheja Developers just happens to be the most significant entities of the commercial real estate sector of India. Thanks to their outstanding construct ...

business

Find the Reliable and Qualified Packers and Movers

Have you decided to relocate somewhere in Mumbai and wanted to make a move? Well, you could be aware of the stress and hectic work associated with moving your things from one location to another. Either you make a move to the nearest locatio ...

business

Corporate video production and brand positioning

Corporate videos bring a touch to your marketing aspect. I have seen brands who are telling a compelling story in a more concise way. Here are some advantages to using corporate video for your brands.Videos are a fun way to describe your pro ...

business

Tips For Creating A Cleaning Company Logo

Your logo is the visual representation of your business and the first thing many potential customers will see. When global corporations are mentioned, people typically think of the company logo first. Nikes Swoosh, MacDonalds golden arches, ...

business

Learning from Five Common Accounting Mistakes

Most business owners spread practically all the nuts and bolts of business arranging aside from one significant angle that should be dangerous for their business-accounting. The idea among numerous new companies is that the accounting extens ...

business

Get To Know Everything About Kraft Bakery Boxes

Knowing the fact that all the bakery products ask fr durable and resilient packaging, you must also know that there are several ways to customize the right packaging. Now, for this, you have to team up with a packaging company that fulfils a ...

business

Here’s What Is The Purpose to Maintain Risk Register

Are you in need of knowing what a risk register is? Then you are here searching the result for your solution. It is sometimes known as the risk log. Corporate Risk Register is one of the project management tools that help the company and t ...

business

COVID-19: How it affects businesses and the economy

Updated Canadian economic forecastCanadas economic growth ground to a halt in the fourth quarter of 2019. With the economy already on precarious footing, the added shocks of the recent rail blockade protests, the arrival of COVID-19, and a c ...

business

How Secure is Internet of Things (IoT) - Experts Guide

IoT enables many new functionalities and possibilities to enhance living and business. However, more IoT leads to insecurity and responsibilities. IoT as a spectrum is growing and new technologies are implemented rapidly with an increase in ...

business

Reasons how company information saves your investments

What does company information include? Before you invest in a company or start a new business relationship with a client, it is vital to know everything relevant about them. Company information is any confidential data of a company that is ...