A tax assessment is the official step the IRS must step to legally declare that you owe tax. Once this step is completed (and after you’ve had the chance to dispute the assessment), the IRS can move your case to collections. Typically, tax is assessed when a return is...
Month: January 2020
3 THINGS TO KNOW BEFORE YOU SUBMIT AN OFFER IN COMPROMISE
Many taxpayers are interested in the Offer in Compromise (OIC) program because it provides tax debt forgiveness. However, many offers are rejected because the taxpayers don’t qualify, don’t complete their applications properly, or don’t submit the right offer...
5 OPTIONS WHEN THE IRS IS GOING TO LEVY YOUR PROPERTY
The IRS has the power to levy many types of taxpayer property. If your bank account, wages, or retirement account is going to be levied, consider using any of the following five options to avoid the levy. Request a CDP Hearing A collection due process (CDP)...
WHAT IS THE IRS WHISTLEBLOWER PROGRAM?
The IRS Whistleblower Program provides a significant for individuals to report large-scale tax underpayments. The whistleblower may able to receive up to 30% of the amount recovered by the IRS if certain conditions are met. IRS Whistleblower Awards The IRS may...
5 SIGNS YOU’RE DEALING WITH A TAX SCAMMER
Tax scammers pretend to be the IRS to scare innocent taxpayers into sending payment. If you are concerned that you’ve been contacted by a tax scammer, look out for these five warning signs. Calls With No Warning The IRS almost always sends a notice in the mail...
3 WAYS TO GET MORE TIME TO PAY YOUR TAX DEBT
Paying your IRS tax debt in a lump sum is often difficult. This is especially true if you owe $25,000, $50,000, or $100,000 in back taxes, penalties, and interest. If you need more time to pay your tax debt, consider any of the following three strategies. IRS...
5 WAYS TO GET AROUND A FEDERAL TAX LIEN
Federal tax liens can hurt your ability to get credit or sell your home. When you already have delinquent IRS tax debt, the tax lien can put you in an even tougher financial situation. Fortunately, there are many ways to get around the federal tax lien....
DEFENDING YOURSELF IN A GEORGIA TAX AUDIT
Georgia tax audits have many similarities to IRS tax audits. There are a few tips you should always if you are under audit by the Georgia Department of Revenue (GADOR) or the IRS: Read all notices you receive from any tax authority. Note any deadlines and call...
TAX AUDIT ISSUES FOR CASH BUSINESSES
The IRS is aware that cash-intensive businesses have more opportunities to commit tax fraud. IRS tax audits frequently target these types of businesses and have special techniques used to spot errors or underreported income. Tax Issues for Cash Businesses Cash...
3 SIGNS YOU MAY BE A VICTIM OF TAX IDENTITY THEFT
Tax identity theft happens when someone else fraudulently uses your Social Security Number (SSN) to file a tax return or obtain employment. This can result in a number of tax returns, such as: Your return will be rejected and you won’t be able to e-fie. Your...