The EIN and its purpose First off, what is an EIN, anyway? An EIN is a number used by the federal government in the United States of America. EIN is an acronym for ‘Employer Identification Number.’ Different agencies within the federal government use it to keep
The Average American Has a Smaller Chance of Being Audited by the IRS It’s official: taxpayers today have a much smaller chance of being audited by the Internal Revenue Service (IRS). Budget cuts, staff reductions, and changes to collection policies have dramatically reduced the number of IRS
When applying for a mortgage, the potential borrower is asked to submit several pieces of documentation to the lender. Documents that are typically required include recent tax returns, pay stubs, W-2 forms, statements from any bank and investment accounts and information about outstanding debts. A
Tax season is coming upon us, and many employees are wondering how long their current or previous employers have kept their W-2 forms on file. Record retention varies depending on the documentation that is in question, but there are specific regulations regarding W-2 retention. The
With the opening of tax filing, IRS warned tax payers to be wary of tax scams. Many surveys suggest that an upsurge in scam cases happen just at the start of the tax filing season. IRS recently issued some tips and advices for filing returns
The growing number of mortgages and loan modifications has increased the urgency for a faster approval process by taking it entirely online. A tax return transcript is the dire need of every mortgage origination and loan modification. The 4506-T forms are the only documents in
The Internet is growing like a forest fire since its inception and this has opened doors for criminal activities, frauds, scams, etc. The tax frauds and scams are no exception for cyber fraudsters. While it is suggested that you must report a scam directly to