All taxpayers know how complicated it is to file taxes correctly, especially if you are a business owner or have multiple sources of income. One mistake can lead to grave consequences, and if you’re not careful, you could end up owing more taxes than you can pay. The...
When You Have Serious Tax Issues, You Need Someone Who Knows Tax Law
IRS Tax Help
USING AN INSTALLMENT AGREEMENT TO REPAY TAXES
Taxpayers who fail to file a tax return or fail to pay taxes by the deadline are subject, by law, to penalties assessed by the IRS. Taxes unpaid by the original filing due date are subject to interest and a monthly late payment penalty. The failure to file a tax...
WHAT HAPPENS DURING THE OFFER IN COMPROMISE PROCESS?
Once a taxpayer successfully submits an Offer in Compromise (OIC) application to the IRS, certain events occur as the IRS considers whether to accept the OIC. Offer in compromise applications typically require specific IRS forms and substantial paperwork to document...
APPLYING FOR AN OFFER-IN-COMPROMISE
The IRS will settle unpaid tax debt with taxpayers for less than the full amount owed through an agreement known as an Offer in Compromise (OIC). Thus, an offer in compromise may be a realistic option for taxpayers hoping to resolve a tax balance due. Taxpayers who...
ARE YOU ELIGIBLE FOR AN OFFER-IN-COMPROMISE?
The IRS provides payment alternatives for any taxpayer with delinquent taxes. The requirements of these programs can be complicated and may require the assistance of a qualified tax professional. The IRS suggests such assistance may be useful in helping...
TAX PROBLEMS FROM AWARDS AND SETTLEMENTS
It’s important to understand the tax consequences associated with receiving a legal settlement or award. A failure to pay attention to detail could result in a significant tax liability and other IRS tax problems. What’s Taxable? Legal settlements may compensate a...
VIRTUAL CURRENCY TAXES FOR U.S. TAXPAYERS
Virtual currency taxes are a relatively new issue. The IRS will continue to issues guidance as time passes, but taxpayers still need to properly report their virtual currency transactions, pay taxes on virtual currency income, and correct any noncompliance on...
IRS CHALLENGES DUE TO UNREASONABLE COMPENSATION
Reasonable compensation issues can come up in a variety of circumstances. An IRS tax audit may result in an adjustment to your compensation or the compensation of your employees, causing you to owe additional taxes, penalties, and interest. The IRS may...
HOW LONG SHOULD YOU KEEP TAX RECORDS?
The general rule is to keep tax records for at least three years. But there are many situations where you may want to keep records for longer than that if you want to protect yourself in the case of an IRS tax audit. The Three-Year Rule The IRS has three years to...
WHAT TO DO IF THE IRS ASKS YOU TO WAIVE THE STATUTE OF LIMITATIONS
The IRS can ask a taxpayer to extend or waive the statute of limitations for tax assessment or collections. You should consult a tax attorney before agreeing to any extension and make sure that it is in your best interests. You may also want to limit the length or...