The Taxpayer Bill of Rights
1. The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms,...
View ArticleTwo Types of Offers in Compromise
Doubt As To Collectability The Offer in Compromise (OIC) for doubt as to collectability is a settlement initiated by a taxpayer based on a snapshot of the taxpayer’s financial situation. In many...
View ArticleWhat to Do If You Get a Call From the IRS—Is It a Scam?
The IRS won’t call you out of the blue. Maybe the letters “IRS” turn up on your caller ID, or you might pick up the phone blindly and the voice on the other end of the line says it’s Joe Smith calling...
View ArticleSubstitute for Return: Why You Can’t Just Avoid Filing to Avoid Collections
If you don’t file a tax return, the IRS may file for you with something called a Substitute for Return to determine the amount you owe them. A substitute for return is the IRS’ estimation of what you...
View ArticleClosing A Business: Federal Tax Checklist
There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax...
View ArticleThe IRS –A Story of Shrinking Staff, Fewer Audits, and Less Customer Service.
The IRS published its annual trove of tax statistics Internal Revenue Service Date book, 2018. The book is a collection of statistics, and reveals declining enforcement and in-person taxpayer...
View ArticleWhen do you need a Tax Attorney?
Seeking the help of an accountant or tax preparer is one of the best ways to identify deductions, reduce tax liability and make sure your return is correct before filing with the IRS. But every now...
View Article10 things to know about IRS operations during the coronovirus pandemic
c These are truly trying times for everyone. For the Internal Revenue Service, our nation’s tax (and now stimulus) administrator, times are about to get even more hectic. The IRS is in the middle of a...
View ArticleThe IRS is Closed – Almost
This time last year, the IRS was processing federal returns with few problems — nearly 138 million by the third week in May. This year, with staff sent home because of the novel coronavirus, the...
View ArticleIRS to Start Collecting Overdue Tax Payments
The Internal Revenue Service reminded taxpayers Wednesday that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to...
View ArticleIRS starts collecting overdue tax payments
The Internal Revenue Service reminded taxpayers last month that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to...
View ArticleIRS urged to stop sending notices for unpaid taxes until it catches up on...
Rep. Richard Neal, D-Massachusetts, who chairs the tax-writing House Ways and Means Committee, is asking the Internal Revenue Service to quit mailing notices for unpaid taxes to taxpayers who may have...
View ArticleTaxation of Forgiveness of PPP Loans
The Coronavirus Aid, Relief and Economic Security Act became law on Friday, March 27, 2020. The CARES Act included a new federally guaranteed Small Business Administration (SBA) loan program called...
View ArticleMore flexibility for taxpayers with tax debts amid coronavirus
The Internal Revenue Service is making some changes in its collection program to decrease the burden on taxpayers who owe outstanding tax debts and are trying to cope with the economic fallout of the...
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...
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 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 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 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 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...
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