How the Right Tax Accountant Can Help You Manage the Ins and Outs of Living in NYC

Written by Small Business Magazine on July 2nd, 2018. Posted in Accountants in nyc, Accounting services, Tax accountants

An old adage says that the only two things that are certain in life are death and taxes. If there’s one thing Americans hate, it’s paying taxes.

How much do Americans hate paying taxes? According to a survey from WalletHub, one in four Americans would gladly get IRS tattooed on their body for a future free from taxes. What’s more, another 11 percent of those surveyed would name their first-born child Taxes.

For as much as Americans hate paying taxes, there’s no denying that it’s important and not paying them could have some dire consequences:

  • About 1.1 million people will be audited by the IRS each year and a third of those audits are conducted in the field by IRS officials.
  • The IRS can audit any business tax return within three years of filing and it can collect back taxes owed for up to 10 years. As an example, if a 2017 audit of a return filed in 2015 finds discrepancies in previously filed returns, then the IRS can collect back taxes owed between 2007 an