No Picture
General Articles

Facts About IRS Audits

One of the facts about filing taxes is that you may be audited by the Internal Revenue Service, also known as the IRS. This can cause much consternation and even fear in the taxpayer. Audits are no small matter; the IRS has vast institutional power and tremendous resources to enable it to collect taxes they believe are still owed. Your best bet is to seek out professional tax planning Columbia MD.

Audit Statistics By the IRS’s Own Accounting

You may have heard horror stories from third-party sources about taxpayer interaction with the IRS audit division. Why not inform yourself about the actual facts as publicly revealed on the IRS’s own website. Here’s what you need to know:

  • Eight Years of Results. During the period of 2010 through 2018, the IRS scrutinied 0.6% of individually filed returns and 0.97% of business and corporate filings.
  • 2019 Data. In the tax year 2019, the IRS audited over 771,000 federal tax returns, resulting in an additional $17.3 billion in.recommended additional tax due.

Compliance actions were often initiated by the IRS because of these two common irregularities:

  • Math errors in the return.
  • Underreporting of income.

In addition, some audits were initiated by the random sampling method.

Best Ways To Prevent an Audit

In actuality, the statistics show that your odds of an audit are low. But they still occur, especially when the return contains certain “red flags“. Perhaps the two most important things anyone can do to prevent an audit are, to be honest about your income and to check your return for math errors. In addition, being organized as the year progresses is also highly recommended. Of course, since the tax code is incredibly complex and every taxpayer’s situation is different, working with a competent tax planner throughout the year will make you even less likely to face an audit.…

No Picture
Business Week

Letter Of Invitation Go to On Business

Yours faithfully or Yours sincerely; Expensive Sir or Pricey Mr. Phrase Alternative and Grammar: Although your phrase choice for business letters should not be too stilted, flowery, or ornate, you must also avoid using slang, abbreviations / acronyms, emojis, or textual content-converse. I’m completely satisfied to supply the information you requested.\n\nIn block format, the date is left justified; in modified block or semi-block format, it begins one tab (5 areas) proper of centre. When you have no clue as to tips on how to reply these questions whenever you sit down to jot down a formal business letter, we’re not judging you.\n\nAt all times observe the construction of formal letter with each rule or parameter considered. I wasn’t too certain how a salutation with guten Morgen … would be, so I searched Google, and it’s such as you advised: a comma before and after the name (like I did ☺).\n\nIn a modified semi-block format letter, all textual content is left aligned (besides the creator’s tackle, date, and shutting), paragraphs are indented, and the writer’s address, date, and closing are normally indented in identical position. The salutation (or greeting) in a enterprise letter is all the time formal.\n\nMake the refusal clear and definite to avoid misunderstanding. As a way to get college students serious about business letters, ask how many reasons they’ll consider for writing the sort of letter. On this case, you should use Pricey Sir or Madam,” as your greeting.\n\nMembers should modify these documents to handle their particular wants and confirm all data provided to ensure its accuracy and compliance with applicable legislation. Your closing paragraph should make clear the primary point of your letter, and in case you’re asking for one thing, be certain that your request is obvious as you conclude your message.\n\nThis checklist can function an overview to govern your writing and assist you to stay centered, so attempt to make it thorough. The date is typically centered or indented towards the center of the web page, just a few strains below the company letterhead (about 1/3 the best way down the web page).…

No Picture
General Articles

An Introduction to Homeowner Association Services

When it comes to moving into a homeowners association there are a few unexpected things that new homeowners may not fully be informed about. Home owners associations are typically referred to as HOA’s. They are run by an elected group of volunteers that oversee the fundamental necessities of the association as a whole.

 

What Exactly Do The Elected Officials Do In An HOA?

The home owners association board will consist of a president, vice president, treasurer and secretary. An effective HOA board will host monthly or bi-monthly meetings to go over things occurring within the HOA. These officials have the homeowners best interest in mind and vote to make decisions that will benefit the HOA as a whole.

 

What Services Will A HOA Be Responsible For?

Depending upon the HOA the services may change. A condominium may utilize a waste management company but a homeowners association composed of single family homes may be serviced by local waste management public services.

Typical services include:

  • Upkeep of the grounds and common area
  • Hiring adequate lawn care services
  • Upkeep of entrance signs, shared parking and shared structures

 

The elected officials will vote on service providers that will maintain the grass cutting, weeding, floral planting, water feature maintenance, snow removal needs and park upkeep. Additionally, homeowners associations that are condominiums or townhouses will also typically employ a handyman and keep certain vendors on file to use for roofing, plumbing, electrical and other needs.

 

What Are Homeowner Association Services?

Homeowner association services are often related to property management companies. For larger HOA’s it is easier to hire a property management company that will take care of all upkeep and financials. Assessments will be mailed in to the property management company and records will be kept. The accounting department will keep track of assessments and special assessments as well as any payments owed to vendors that have performed work.

 

Smaller homeowners associations will utilize their staff of elected officials to perform these routine tasks. The secretary and treasurer will keep track of all financials, assessment payments and minutes from board meetings. They are also in charge of sending out notices for future meetings and holding special meetings for any repairs that may not be covered through the monthly or yearly assessment totals. In this case, a special assessment may be charged to the homeowners residing within the HOA.

 

Why Live In An HOA?

Living in an HOA is not for everyone. Those who prefer to live their life as they want to and not worry about neighbors or rules and regulations would not do well residing within an HOA. Homeowners associations typically have rules set in place to keep the association looking a certain way. In many cases there must be board approval for fences to be installed, windows and doors to be replaced and even for bushes or trees to be planted. The rules and regulations are provided to the potential homeowner before they move into the association. This allows them time to read over everything and know fully what they are involving themselves with. Aesthetically, living within a HOA has many positive points. If a neighbor does not cut their grass or leaves their property looking disparaged, the HOA board will step in and fines may be implemented until the homeowner brings their property up to expected standards. This is positive for property value and resale value. HOA’s also bring a sense of community and often have events to bring neighbors together. Residing within a homeowners association can be a very pleasant experience and many people prefer following the rules and paying the assessment fees to ensure they have a certain quality of life.

 …