Taxes are no fun to prepare, but doing them correctly can reduce the chances that the IRS will audit you. The likelihood of an audit is already very small, but it can increase significantly if you make mistakes, lie on your form or earn $1 million or more. The IRS...
Last month, the Internal Revenue Service announced that private debt collection companies will soon be partnering with the agency to collect tax debts. The effort was authorized by the Fixing America’s Surface Transportation Act, which requires the IRS to use...
In our last post, we began discussing two common repayment options for taxpayers: installment agreements and offers in compromise. Like installment agreements, there are certain requirements that must be met for a taxpayer to qualify for an offer in compromise. As...
Paying back tax debt is not always an easy task, for either businesses or individuals. Whether the difficulty is because of tight finances, an unexpected tax bill, both or something else, taxpayers need to understand their options for getting right with the IRS.Two...
When a taxpayer is unable to pay his or her tax debt, one of the consequences is that the Internal Revenue Service will file a Notice of Tax Lien, a document notifying creditors that the federal government has a legal right to the taxpayer’s property to satisfy...
If you have been following our blog, you know that there are several reasons for filing your taxes early in the tax season: to ensure the security of your tax return and to promote peace of mind. Unfortunately, no matter how early you file or how many sensitive...
When people hear about someone facing tax problems, they often make some unflattering assumptions about that person. They might think he or she broke the law or is trying to cheat others or the system. These assumptions can make people feel embarrassed and ashamed to...
2016 is shaping up to be a busy year for you and your family. Your responsibilities to your children, job and house never seem to lessen. Although autumn is just beginning, you know that Christmas and New Year's Day will arrive in a blink after Halloween. When those...
Having unpaid taxes isn't a situation that only affects one particular group of people. Old or young, wealthy or not, employed or unemployed, any person can wind up owing taxes to the IRS. Generally speaking, the solutions people are faced with are the same as well....
If you are an employer, you have an obligation to withhold certain taxes from the wages of your employees. Though there are exceptions, failure to do so could lead to audits and penalties from the IRS.However, withholding taxes is only one part of meeting your...
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