BHT&D Certified Public Accountants Blog

What Is the Statute of Limitations on Unpaid Taxes?

Posted by Joe Turnes on Wed, Oct 16, 2019 @ 12:00 PM

If you have unpaid taxes that you haven't yet been making payments toward, it might make you fearful that the IRS will come a-knocking one day to collect on what you owe. Tax debt can quickly snowball from interest, penalties, late fees, and the amount of the taxes due.

However, a lot of the scaremongering surrounding the IRS is largely sensationalized in media and daily conversation. Agents won't come bursting through your door just because you have tax debt. Instead, they must follow due process in accordance with the Internal Revenue Service Restructuring and Reform Act of 1998 (RRA). This means that you will always receive written notice concerning your balance due as well as collection actions and any requests for payment plans or settling your account.

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Tags: Business Tax, Tax Return, State Income Tax, IRS Tax Return Audit, Individual Tax, Tax Liability

How Long Should I Keep My Tax Records?

Posted by Joe Turnes on Mon, Sep 05, 2016 @ 07:00 AM

Many times throughout the year I get asked the question, “How long do I need to keep my tax records?” 

Generally, you should keep your records to support income, deductions or tax credits until the statute of limitations for that item runs out. While the answer may depend on your exact circumstance, you should generally follow the guidelines below:

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Tags: Tax Return, Small Business, Records Retention

A Letter From Michigan Department of Treasury! What Do I Do?

Posted by Daniel Crawford on Mon, Jun 13, 2016 @ 07:00 AM

You’ve gone to the mailbox and find a Letter of Inquiry from the Michigan Department of Treasury.  While letters from the IRS or State of Michigan can be concerning, do not panic.

Quite often the State of Michigan simply needs additional information to process your tax return.  These letters can be used for a variety of purposes for the state, including: 
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Tags: IRS, Tax Return, Michigan Department of Treasury

7 End Of The Year Tax Planning Tips

Posted by Daniel Crawford on Sat, Dec 19, 2015 @ 08:00 AM

With the end of the year quickly approaching and the holiday stretching our free time thin, it is a great idea to squeeze in a little bit of tax planning to help yourself out before 2016.

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Tags: IRS, Individual Tax Return, Tax Planning, Business Tax, Minimize Taxes, Tax Return

Tax Planning Now Could Reduce Your Tax Liability.

Posted by Dwayne Houghton on Tue, Oct 14, 2014 @ 08:54 AM

Tax planning this fall could mean more money in your pocket at April 15th.

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Tags: Individual Tax Return, Tax Planning, Tax Deductions, Retirement Plan, Business Tax, Tax Return, Farm Taxes

The Challenges and Rewards of a First Year Michigan Accountant

Posted by Candice Harig on Tue, Jul 08, 2014 @ 09:00 AM

I have officially completed one year as a full time staff accountant at BHT&D CPAs. During this year, I have been able to develop the skills originally cultivated during my internship and have taken on more areas of public accounting.

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Tags: CPA Exam, Individual Tax Return, Small Business Accounting, QuickBooks, Tax Return, Farm Taxes, Auditing

What Steps Can I Take to Avoid Having My Tax Return Audited?

Posted by Daniel Crawford on Tue, Mar 25, 2014 @ 10:20 AM

The Merriam-Webster Dictionary defines an audit as a complete and careful examination of the financial records of a business or person. US tax payers and tax preparers commonly define it as a headache.

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Tags: Small Business Accounting, Tax Return, IRS Tax Return Audit