OFFER IN COMPROMISE EXPLAINED
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability or doing so creates a financial...
View ArticleCollege Savings Plan Money Left Over? Solution: Tax Free Roth
America’s most attractive retirement plan just became more accessible. A new law lets owners of 529 college savings plans redirect unused dollars to a tax-free Roth account, making the latter, the...
View ArticleIRS unveils inflation adjustments for next year
Inflation will drive up more than 60 tax provisions for 2023, including the tax rates, according to the Internal Revenue Service. Revenue Procedure 2022-28 details the annual adjustments for tax year...
View ArticleTaxpayer advocate sees much larger backlog than IRS reported
National Taxpayer Advocate Erin Collins expressed concern Wednesday in a midyear report to Congress about continuing delays by the Internal Revenue Service in processing tax returns filed on paper...
View ArticleINHERITING AN IRA? LOTS OF RULES TO KNOW.
If you’re on the receiving end of an inheritance, odds are the money is coming to you out of the deceased’s retirement account. And you may be asked — or sometimes told — to set up an Inherited IRA....
View ArticleIRS pledges to overcome challenges from overburdened tax season
Internal Revenue Service Commissioner Charles Rettig told lawmakers the IRS has been working hard this past filing season during a congressional hearing Thursday as he heard first-hand testimony from...
View ArticleIRS lien foreclosures don’t offer same protections as seizures
The Internal Revenue Service mainly uses lien foreclosures when it’s going after the primary residences of people with overdue tax debts, but taxpayers don’t get the same legal protections as they...
View ArticleIRS Plans to Improve Taxpayer Service with Budget Increase
Internal Revenue Service Commissioner Charles Rettig pledged to do more to improve taxpayer service after Congress approved a $675 million funding increase. “Taxpayer service remains the most...
View ArticleThe infrastructure bill could be a game changer for cryptocurrency
Cryptocurrency has gone mainstream. Once seen as an esoteric investing fad, currencies like bitcoin and dogecoin are as ubiquitous in the marketplace as tech stocks and Treasury bonds. But as crypto...
View ArticleThe Top Tax Developments of 2021
The year 2021 has been a tumultuous one for tax professionals, with continuing pandemic-related developments as well as new legislation, regulations, court decisions and IRS pronouncements. While the...
View ArticleIRS Warns of Tax Debt Offer In Compromise Scams
The Internal Revenue Service posted a series of videos to explain how taxpayers can steer clear of scammers who claim to be able to help them with their tax debts while charging exorbitant fees and...
View ArticleService levels hit new lows at swamped IRS
The Internal Revenue Service is inundated with the volume of returns yet to be processed and phone calls for assistance, and is working hard to remedy the situation. While there are many factors...
View ArticleChoose a Business Structure
Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. You’ll need to choose a business structure before...
View ArticleMore Tax Fraud Cases
Kinston, North Carolina: Former tax preparer Hildares Kinkesha Parker-Greene has been sentenced to 30 months in prison for conspiring to file false returns. In early 2016, Parker-Greene managed a tax...
View ArticleWho Goes to Prison for Tax Evasion?
Many people are afraid of IRS audits — and maybe even going to jail if they make a major mistake. In fact, fear of an IRS audit is one of the main reasons that people strive to file timely and...
View ArticleExpect a ‘more aggressive’ compliance landscape for taxpayers
Tax practitioners are facing an increase in compliance efforts and controversies not only in the U.S. but worldwide, according to observers. “It started several years ago, and then slowed down because...
View ArticleIRS Failed to Collect $2.4B in Taxes from Millionaires
The Internal Revenue Service has failed to collect more than $2.4 billion from wealthy individuals who owe the federal government back taxes, according to a Treasury Department watchdog report....
View ArticleSurprise tax bills await in pandemic-affected IRS filing season
The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through...
View ArticleIRS allows tax breaks on forgiven PPP loans after law change
The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new...
View ArticleWhat is the IRS Collection Process?
When the IRS sends you to collections, it means you have overdue taxes you still haven’t paid after sending you a bill, and they’re now taking active steps to collect the money you owe, including any...
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