EIDL borrowers must maintain records for decades—five years current plus three years after final payoff. This guide covers which documents to keep, SBA audit powers, approved fund uses, and how to build an audit-ready bookkeeping system.
The federal EV tax credit (up to $7,500) expired September 30, 2025 under the One Big Beautiful Bill Act. Here's who can still claim it on their 2025 return, how the new car loan interest deduction works, and what records to keep.
Form 1096 is the IRS cover sheet required when paper-filing 1099s and other information returns. Learn who must file it, the exact due dates by form type, how to fill it out correctly, and the penalties for common mistakes.
Form 8832 lets LLCs override their default IRS tax classification—single-member (disregarded entity) or multi-member (partnership)—to elect C corporation treatment at the 21% flat rate, with a 60-month lock-in and a 75-day retroactive filing window.
Form 8941 lets small businesses claim up to 50% of employee health insurance premiums as a direct tax credit — but only if you have fewer than 25 FTE employees, pay average wages below ~$65,000, and purchase coverage through the SHOP Marketplace. Here's how to calculate and claim it before your two-year eligibility window closes.
Form 940 is the IRS return employers use to report annual FUTA tax liability—6% on the first $7,000 of each employee's wages, reducible to 0.6% with timely state unemployment tax payments. Covers who must file, quarterly deposit thresholds, how to claim the state tax credit, Schedule A for multi-state employers, and penalties for late filing.
A practical breakdown of when hiring a CPA or enrolled agent pays off versus when DIY software is enough—including cost benchmarks, credential differences, and red flags to avoid.
The IRS has 3 years to audit most returns, 6 years if you omit 25%+ of gross income, and unlimited time for fraud or unfiled returns — here's what each window means for your record-keeping strategy and audit risk.
The IRS follows a structured escalation from notices to liens, levies, and asset seizure when taxes go unpaid. Learn how each tool works, your rights as a taxpayer, and the relief options—installment agreements, Offer in Compromise, and Currently Not Collectible status.
The IRS has no grace period for unfiled returns—failure-to-file penalties run 5% per month up to 25%, the statute of limitations never starts on an unfiled return, and refunds expire after three years. Here's what the enforcement timeline looks like and how to get back into compliance.
Take control of your finances with our open-source double-entry accounting system. Start your ledger today.
© 2019 - 2026 Beancount.io
