If you make money, chances are you also pay personal income taxes. Although the phrase IRS tax audit often scares people, most taxpayers don’t have anything to worry about. If you’re not actively trying to pay less than you should be, an audit is really just a double check on the accuracy of your numbers. […]
Most people have payroll taxes and income tax withholding taken out of every paycheck, but that doesn’t happen if you have your own business or do freelance work. No matter how you earn your income, though, you still have an obligation to pay taxes. When you don’t pay taxes, though, you could be looking at […]
If an American taxpayer has a financial interest in, or signature authority over, a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain statutory thresholds, that taxpayer may be required to report the account annually to the Department of Treasury, using a Foreign […]
In the business world, when a debtor owes a creditor a specific sum of money, the latter will sometimes agree to accept less than the full amount owed, simply to conclude the matter and move forward. As the saying goes, “A bird in the hand is worth two in the bush.” Somewhat similarly,under certain circumstances, […]
Recently I’ve been asked on multiple occasions about IRS penalty abatement, so I decided to make it the subject of today’s blog post. As with most topics Internal Revenue Service-related, there’s a specific form you’ll first need to fill out to obtain an IRS penalty abatement. That’s IRS Form 843, Claim for Refund and Request for Abatement. […]
While the number of audits was down again in 2016, the Internal Revenue Service nevertheless audited somewhat more than 1 million individual tax returns last year, the lowest amount since 2004. Citing reductions in the number of auditors available due to budget cuts, the IRS indicates the number of audits declined 16 percent from 2015, […]
Even if you live under a rock, you are likely to know that the federal tax laws are complex. Indeed, according to a recent analysis prepared by the Tax Foundation, an independent tax policy nonprofit organization, the Internal Revenue Code (“IRC”) consists of some 2,412,000 words, with the regulations that help “explain” that law […]
Federal tax liens are among the important tools (some taxpayers might say “weapons”) used by the Internal Revenue Service in collecting federal tax debt. Tax liens may be issued by the IRS when the following criteria have been met: An assessment has been made by the IRS, A demand for payment has been communicated to the […]
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