Like most creditors, the IRS will act on its right to collect taxes that you owe. In the beginning, its collection process is similar to what you may have encountered with an overdue credit card or utility bill: you get a Notice and Demand for Payment (also known as a CP501 notice) in the mail explaining what you owe and requesting payment in full. With an overdue tax bill, this amount will include the amount of Read More

The 2022 tax season is right around the corner, and now is a great time to start thinking about your upcoming tax return and refund. There have been many tax changes in 2022 that could have an impact on your return in 2023.  Preparing ahead is the best way to ensure you can save money and take action before the year runs out. Here’s more about some of the most pertinent tax changes you should be aware of for the Read More

The 2022 tax season is rapidly approaching. It is important to keep in mind that various tax changes made last year may not be in place for the 2022 tax season.  With inflation rates sky high, you may have concerns as to how your tax return is going to be affected. Here are some of the top tax tips for 2023 so you can get the most out of your tax refund in the coming tax season. Organize Tax Records Read More

The tax lien is one of the Internal Revenue Service’s most effective collection methods. When the government places a legal claim on your property to secure payment for a tax debt, it can significantly impact your finances, assets, and even your credit. While the routine way to remove an IRS tax debt is to pay the amount owed, there are other options if you can’t afford to do so or don’t believe the lien is Read More

While many eBay sellers use the platform to occasionally offload old collectibles or merchandise, others treat it like a full-time job. According to Small Business Trends, the average seller makes about $35,000 per year, with top earners making as much as $70,000. Starting in 2023, the IRS will be paying closer attention. Welcome to the 1099-K! The 1099-K from eBay reports the gross sales you made on the Read More

Although most of us associate the term ‘power of attorney’ with making financial or medical decisions on someone else’s behalf, there is a wide range of actions that such an arrangement can authorize. One of them is the ability to file someone else’s taxes if they’re unable to do it themselves, either due to advanced age or incapacity. The IRS permits various types of third-party authorizations, each with a Read More

Tax law is a highly complex and ever-changing field, with new changes happening all the time. As such, plenty of people find themselves in trouble with the IRS - either through malicious intent, or an honest mistake. Today, we're taking a look at a couple of cases from the IRS Criminal Investigation list of the top cases of 2021, and providing some tips on how you can ensure you stay out of trouble next year. A Read More

The Internal Revenue Service (IRS) will receive a significant increase in funding with the passing of the Inflation Reduction Act, potentially leading to an increase in its compliance and enforcement capabilities. Although the IRS has continuously been criticized by both Congress and American citizens for mismanagement and poor customer service, the increase should help alleviate some of these concerns by allowing Read More

If you've been late in filing your taxes or paying them, there may be a chance for an abatement, which would reduce or eliminate the penalties you may have incurred. If you have a good record of submitting and paying taxes on time in the past, you may be eligible to be granted an abatement of your late filing and/or late payment penalty. However, you must meet specific qualifications in order to be eligible for a Read More

Individuals and businesses face plenty of civil tax issues every year. These often range from simple mistakes in reporting to intentional fraud. However, some civil tax issues can turn into criminal investigations. If you have been contacted by an IRS Special Agent regarding a matter involving your IRS taxes, it is important to take steps to protect your legal rights and your financial stability. Police and federal Read More