If you aren’t sure why your tax refund is higher or lower this year, there are several possible reasons. This post gives you a quick overview of some of the potential causes, but you should ask a professional tax preparer for a personalized explanation. New Tax Laws...
Month: May 2019
Should You Amend a Prior Year Tax Return?
You should amend a tax return if it’s been less than three years since the tax return’s due date and you find an error that will affect your tax liability. However, some errors will be caught by the IRS and won’t require an amended return. When Not to Amend You don’t...
Wage Garnishments for Self-Employed Taxpayers
A wage levy may be less effective against a self-employed taxpayer, which could cause the IRS to pursue other enforced collection actions. Because self-employed taxpayers may receive compensation for many different clients, the IRS can’t initiate a continuous wage...
What Penalties Are Assessed Under the New Offshore Disclosure Rules?
The new offshore disclosure framework offers a more flexible penalty structure than the previous Offshore Voluntary Disclosure Program (OVDP). This may benefit some taxpayers, but it could also result in large penalty assessments for others. The following penalties...
When to Use the Streamlined Procedures or the New Offshore Disclosure Rules
The new offshore disclosure framework has once again provided a disclosure option for taxpayers who wish to protect themselves from criminal liability for their undisclosed offshore accounts. However, the Streamlined Filing Compliance Procedures still offer a good...
Can the IRS Levy a Joint Bank Account?
In general, the IRS can levy a joint bank account if one account holder has delinquent tax debt and all other required procedures have been followed. This is true whether the joint account holder is your spouse, relative, or anyone else. Joint Bank Account Levies It...
Is It Better to Get a Refund or Owe Taxes on Your Return?
Many people look forward to getting their tax refund checks, there are also benefits to owing a small sum to the IRS at tax time. The pros and cons of each approach are discussed in this post. Pros and Cons of Getting a Tax Refund Getting money at tax time feels good....