With the holidays (almost) behind us, tax season will soon come around, and while in contrast to the holidays, it is one of the most dreaded times of the year, planning can make it much easier and less stressful for you. There are several ways you can prepare for tax...
IRS
Why is the IRS saying I owe them money?
You go downstairs in the morning and find a letter from the IRS saying you owe them money. You pinch yourself and realize you are not in bed. While the IRS features heavily in the nightmares of many small business owners, this time, it is for real. Putting the letter...
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...
Does the IRS want to put you in jail?
When people find out that the IRS has discovered some significant issues with their taxes, their first thoughts are usually fairly bleak. They assume that things are so dire that the IRS is going to put them in jail for tax fraud. Maybe they’ve just heard too many...
What’s a “soft letter” from the IRS?
You get a notice in the mail from the IRS. Your heart sinks to your stomach. Is this an audit? The odds are high that you’ve actually received a “soft letter” instead. While you can heave an immediate sigh of relief, your troubles really aren’t over just because this...
Do I need to file an FBAR for my foreign bank account?
Foreign bank accounts can be useful. Yet, they become a burden if you fall foul of the U.S. tax authorities because of them. It is crucial to understand when you need to file a Report of Foreign Bank and Financial Accounts (FBAR). Here are some questions you may have:...
REASONS THE IRS WILL LEVY PROPERTY
There is not much more the Internal Revenue Service can do to unnerve a taxpayer than levy his or her property. A levy by the IRS permits it to legally seize the property of a taxpayer to satisfy a tax debt. The IRS may use a levy to garnish wages, take money in a...
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...
CONGRESS AND IRS IMPLEMENT HISTORIC CHANGES TO ASSIST TAXPAYERS
As Congress has enacted legislative measures to address the economic impact of COVID-19, the Internal Revenue Service has established procedures to assist taxpayers. In addition to compliance activities and examinations, the IRS encourages taxpayers to respond to any...
HOW TO DEAL WITH AN IRS SUMMONS
A summons is an order from the IRS to provide information, typically by handing over documents or providing testimony. You may receive a summons if the IRS is investigating you, but a summons can also be issued to a third party that may have information about the...