Identity theft comes in many forms, which can make it difficult to predict what is going to happen if someone gets hold of your information. One of the most common forms of identity theft is tax-related identity theft. As a victim of tax identity theft, you may...
Year: 2021
Are you in the IRS’s crosshairs for back taxes?
The Internal Revenue Service (IRS) issued a wake-up call to wealthy individuals and corporations with unreported or back taxes due in mid-April. They noted that it's time to pay off the $1 trillion they owe. Otherwise, the federal tax authority is coming after them....
Received a notice from the IRS? Do this next
Seeing that you have something in the mail from the Internal Revenue Service can make your heart stop. While there’s a chance that it’s good news, there’s a better chance that you’re being asked about something, told that you owe money, or given information about your...
What foreign assets need to be disclosed to IRS?
You may have come to the United States in the last few years get a better job. You have enjoyed building a stronger financial future here, but you also still have some assets overseas. You have felt a bit overwhelmed when completing your U.S. tax returns though. You...
When do independent contractors pay estimated quarterly taxes?
Being self-employed can mean more personal freedom and keeping more of the money that you generate through your knowledge, skills or hard work. However, self-employment or independent contractor status also comes with additional costs. Increased tax obligations are...
Why do people get audited by the IRS?
Nothing strikes fear into the hearts of people in Georgia and around the country like the news that their tax return is going to be audited by the IRS. Right off the bat, you will probably ask yourself a lot of anxiety-inducing questions: What did I do wrong? How...
Is it worth using a repayment plan for the IRS, or should you put it on credit?
If you don’t have enough money to pay the Internal Revenue Service at tax time, it can cause an immense amount of stress. The good news is that there are several options. You may be able to offer an amount in compromise, or you might ask to get put onto a repayment...
Avoid making these 2 common tax mistakes
Most people dread having to file their income taxes for the year. This is especially true for those who have complex returns. In an effort to simplify a complex return, some people might try to take the easy way out of certain aspects of the process. As tempting as...
4 things you should know about dealing with the IRS
If you’re a business professional who has to deal with the IRS to straighten out your tax debt, it can feel intimidating. Many people worry that they’re going to go to jail or get hit with stiff fines. When that letter from the IRS arrives, it’s almost a cause for...
Signs you need a new accountant — fast
Nobody wants to deal with an audit by the Internal Revenue Service (IRS). To that end, it’s not unusual for businesses of all sizes to have an accountant handle their financial records and prepare their taxes. That’s great — as long as you can trust your accountant to...