In our post on Form 1099, we alluded to the estimated quarterly tax system. Not all Americans pay taxes on an annual tax payment schedule. Not all Americans have only a single due date – April 15th – to keep in mind regarding their tax bill. Some Americans, especially freelancers and independent contractors, have multiple tax deadlines to […]
Tax season has arrived, and one of the big topics on every taxpayer’s mind is how to spend their 2020 income tax refund. Every year, millions of Americans rely on their tax refund check as their principal source of non-recurring income. Many Americans rely on their tax refund for important purchases, such as vacations, and […]
Back in 2010, former President Barack Obama signed into law the HIRE Act in an effort to accelerate recovery from the 2008 financial crisis. The HIRE act – short for Hiring Incentives to Restore Employment – endorsed the Foreign Account Tax Compliance Act (FATCA) at the time it was passed. FATCA is a highly significant […]
In a previous article, we discussed in detail the content of a recently IRS statement on virtual currency, or cryptocurrency, tax collection. The statement, IRS Notice IR-2019-132, says 10,000+ letters will be sent out this month to individuals with virtual currency accounts. In its statement, the IRS also made reference to an earlier piece of material on […]
The IRS recently released a statement discussing its latest attempt to enforce tax collection. The recent statement relates to cryptocurrency and non-crypto virtual currency taxation. The statement is IR-2019-132. It describes how the IRS is sending out over 10,000 letters to taxpayers as part of a tax enforcement effort. The letters is addressed to taxpayers […]
We’ve discussed IRS wage garnishments on our blog in the not-too-distant past. As you may recall, garnishments are legal orders which allow a creditor to forcibly seize assets from a debtor. Or, in legal terminology, they allow a plaintiff to forcibly seize from a defendant. In the vast majority of cases, garnishments involve seizing wages directly from the employer of […]
Most people are aware that failing to pay federal taxes will lead to some serious negative consequences. However, few people, aside from experts, know precisely what can happen to those who fall behind. For those who willfully evade taxes, most people know that doing so will carry potential criminal prosecution. But what about those who […]
Tax debt can occur for any number of reasons. Certain types of workers are more likely to slip into tax debt than others. Those who work as independent contractors, for instance, commonly fall into tax debt because they calculate their tax liability incorrectly. Independent contractors are those who receive Form 1099 at the close of […]
I had a wonderful experience with Mr. Callahan during my initial phone call. He fully understood my issues and provided me with helpful information on how to proceed with my tax issue. I am very appreciative of his time and expertise!
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