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The Dark Side of Wealth: Lessons from a CEO's Tax Fine

The Dark Side of Wealth: Lessons from a CEO's Tax Fine

November 12, 2024
Wise CEO Kristo Käärmann's hefty tax fine reveals shocking truths about billionaire accountability and the importance of transparency in leadership.
Nonprofit or FOR-Profit? The Tax Implications of GLAAD CEO’s Luxury Lifestyle

Nonprofit or FOR-Profit? The Tax Implications of GLAAD CEO’s Luxury Lifestyle

October 15, 2024
GLAAD’s CEO’s lavish lifestyle and spending habits could lead to serious tax trouble. Learn how excessive perks may jeopardize a nonprofit’s tax-exempt status.
Discover How Offers in Compromise Can Transform Your Financial Future

Discover How Offers in Compromise Can Transform Your Financial Future

September 24, 2024
An Offer in Compromise (OIC) is a program offered by the Internal Revenue Service (IRS) that allows taxpayers to settle their tax debts for less than the full amount owed.
"The Magician" Behind a $100 Million Tax Fraud Scheme Finally Exposed

"The Magician" Behind a $100 Million Tax Fraud Scheme Finally Exposed

August 15, 2024
Federal officials have arrested and charged “The Magician” behind the largest tax fraud scheme in U.S. history. Full details here.
‘Only the Little People Pay Taxes’: The Cost of Standing by Notorious Men

‘Only the Little People Pay Taxes’: The Cost of Standing by Notorious Men

August 13, 2024
Understanding the Types of IRS Audits: Why Professional Help is Essential

Understanding the Types of IRS Audits: Why Professional Help is Essential

July 16, 2024
Learn about the different types of IRS audits—Correspondence, Office, and Field Audits. Discover why professional assistance is crucial for navigating the complex and stressful audit process effectively.
Lessons from Michael Jackson's IRS Tax Problems

Lessons from Michael Jackson's IRS Tax Problems

June 13, 2024
Discover key lessons from Michael Jackson's $700 million IRS tax dispute. Learn how to avoid common estate planning and tax issues to protect your assets and beneficiaries.
Top Reasons Taxpayers End Up in Court and How to Avoid Them

Top Reasons Taxpayers End Up in Court and How to Avoid Them

April 30, 2024
Discover the most litigated tax issues and how to avoid them with our expert guide. Learn best practices for compliance and how our tax professionals can help you steer clear of IRS disputes.
Understanding IRS Actions: A Detailed Look at Tekashi 6ix9ine

Understanding IRS Actions: A Detailed Look at Tekashi 6ix9ine

April 18, 2024
While the specific details of Tekashi 6ix9ine’s tax issues leading to the seizure have not been fully disclosed, the operation's visibility and targeted items suggest significant tax liabilities.
The IRS Is Tackling Tax Evasion With AI

The IRS Is Tackling Tax Evasion With AI

March 26, 2024
As the IRS meets the intersection of technology and tax compliance, artificial intelligence is becoming a big player at the federal tax agency. Learn more.
Navigating the Skies of Tax Compliance: The IRS Targets Corporate Jet Usage

Navigating the Skies of Tax Compliance: The IRS Targets Corporate Jet Usage

March 18, 2024
Discover essential strategies for high-net-worth individuals and corporations to navigate the IRS's increased scrutiny of corporate jet usage.
Taxing Questions: What You Need to Know About Plaintiff Awards

Taxing Questions: What You Need to Know About Plaintiff Awards

February 20, 2024
Unlock the complexities of plaintiff awards and their tax implications. Delve into our expert insights to navigate legal settlements and judgments with clarity. Learn about exemptions, reporting requirements, and more.
Breaking: IRS Restarts Collection Notices But Adds Penalty Relief

Breaking: IRS Restarts Collection Notices But Adds Penalty Relief

December 19, 2023
Explore the latest IRS penalty relief measures, offering a lifeline to millions facing back taxes.
Safeguarding Your IRS Payments: Defending Against Check Washing Fraud

Safeguarding Your IRS Payments: Defending Against Check Washing Fraud

December 12, 2023
To protect yourself from IRS tax payment check washing fraud, consider implementing the following safeguards.
IRS Alters Audit Focus

IRS Alters Audit Focus

October 31, 2023
A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. By pursuing those individuals and businesses who don't comply with their tax obligations, the IRS is being fair to those who are compliant.
Understanding Shakira's Ongoing Tax Evasion Case

Understanding Shakira's Ongoing Tax Evasion Case

October 3, 2023
Colombian superstar, Shakira, is facing two separate sets of tax evasion charges. Find all the details you need to know here.
Top 10 Legitimate Tax Strategies Every Physician Should Know to Safeguard Their Finance

Top 10 Legitimate Tax Strategies Every Physician Should Know to Safeguard Their Finance

September 5, 2023
Recently, the Internal Revenue Service (IRS) has markedly intensified its efforts to uncover instances of tax evasion, leaving no room for tax dodgers to go unnoticed.
How Do You Qualify for Innocent Spouse Relief from IRS Tax Problems?

How Do You Qualify for Innocent Spouse Relief from IRS Tax Problems?

August 29, 2023
To qualify for innocent spouse relief, you must meet all three of the following conditions. Learn more.
When Tax Issues Become a Criminal Situation in the Eyes of the IRS

When Tax Issues Become a Criminal Situation in the Eyes of the IRS

July 11, 2023
The chasm between a
6 Common Tax Mistakes That Can Land You in Trouble with the IRS

6 Common Tax Mistakes That Can Land You in Trouble with the IRS

June 13, 2023
Some common tax mistakes are more than just a
The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond

The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond

May 2, 2023
The IRS'
Worried About Getting Audited? Here's What You Need to Know About Your Chances

Worried About Getting Audited? Here's What You Need to Know About Your Chances

April 13, 2023
Does the IRS target some groups of people more than others? Learn more.
Haven't Filed Tax Returns for Multiple Years? Here's What You Need to Do Next

Haven't Filed Tax Returns for Multiple Years? Here's What You Need to Do Next

February 19, 2023
The first thing you should do to get back on track with your taxes involves checking on the current status of your account with the IRS.
Florida Man Gets 23 Years For Running an $80 Million Ponzi Scheme, Filing False Tax Returns

Florida Man Gets 23 Years For Running an $80 Million Ponzi Scheme, Filing False Tax Returns

January 16, 2023
Ponzi schemes are notable because they have little and often no legitimate earnings to speak of, Michael J. DaCorta’s Ponzi scheme is a perfect example.
How the Story of the Chrisley's Bank and Tax Fraud Ended With Them in Jail

How the Story of the Chrisley's Bank and Tax Fraud Ended With Them in Jail

December 15, 2022
In November 2022, the Chrisleys finished out a trial that would see them sentenced to 12 years for Todd and seven years for Julie. Full story.
The IRS Achieves a 99% Conviction Rate, or:

The IRS Achieves a 99% Conviction Rate, or:

November 17, 2022
The IRS has a staggering 99.6% conviction rate when it comes to these tax types of crimes. Learn more.
What Is an Offer in Compromise?

What Is an Offer in Compromise?

October 18, 2022
The three steps to applying for an Offer in Compromise.
Justice Department Indicts Brooklyn Dietician for Tax Refund Scheme

Justice Department Indicts Brooklyn Dietician for Tax Refund Scheme

September 20, 2022
In 2015 Kauapirura allegedly filed a false amended tax return on which she reported roughly hundreds of thousands of dollars in fictitious tax withholdings.
Aretha Franklin's Tax Situation: What You Need to Know

Aretha Franklin's Tax Situation: What You Need to Know

August 17, 2022
If someone were to craft a
What Do You Do If the IRS Wants to “Audit” Your Tax Return?

What Do You Do If the IRS Wants to “Audit” Your Tax Return?

July 11, 2022
The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing.
Not Even Celebrities Are Immune to Issues With Their Taxes

Not Even Celebrities Are Immune to Issues With Their Taxes

June 13, 2022
All told, there are a number of notable instances where celebrities ran into issues with their taxes - all of which we can learn a little from.
Understanding What Innocent Spouse Relief Is, and Whether You Need It

Understanding What Innocent Spouse Relief Is, and Whether You Need It

May 23, 2022
What happens if your spouse turns out to be a tax cheat, and you signed a joint tax return without realizing it. Can you be held responsible? Learn more.
Why Employee Classification is of Paramount Importance

Why Employee Classification is of Paramount Importance

April 19, 2022
Ultimately, it all comes down to the difference between salary and hourly pay employees.
Owe the IRS Money? How Long Do They Have to Collect?

Owe the IRS Money? How Long Do They Have to Collect?

April 19, 2022
Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait – as in all things taxes, it is not that clean cut. Here are some complications:
The 2022 IRS Interest Rate Hike Will Go Live April 1st

The 2022 IRS Interest Rate Hike Will Go Live April 1st

March 21, 2022
These IRS interest rate changes will not affect you if you calculate your liability correctly and pay on time each quarter.
Return Being Processed Means The IRS Received Your Tax Return, But It Could Still Be Delayed.

Return Being Processed Means The IRS Received Your Tax Return, But It Could Still Be Delayed.

February 20, 2022
Even with the delays, the IRS owes you interest on your money. The IRS has administrative time (typically 45 days) to issue your refund without paying interest on it.
What’s Next for the Child Tax Credit?

What’s Next for the Child Tax Credit?

January 23, 2022
If your family received advance child tax credit funds, you are not alone in wondering what will come next from Congress for 2022. Learn more.
The IRS May be Getting a Massive Budget Increase. Will It Impact the Audit Rate?

The IRS May be Getting a Massive Budget Increase. Will It Impact the Audit Rate?

December 13, 2021
Will increased IRS funding drive more audits?
Mega-Rich Backdoor IRA Strategies May Backfire If New Tax Bill Passes

Mega-Rich Backdoor IRA Strategies May Backfire If New Tax Bill Passes

October 7, 2021
A proposed tax code change would mandate an annual required minimum distribution for retirement accounts exceeding $10 million. Full story below.
What You Need to Know About the IRS and Tax Audits

What You Need to Know About the IRS and Tax Audits

September 10, 2021
There is a real need for people to either educate themselves about the audit process or to seek professional help from someone familiar with the IRS. Learn more.
4 of the Most Common IRS Tax Problems

4 of the Most Common IRS Tax Problems

August 18, 2021
There are a variety of issues taxpayers can run into with the IRS. This breakdown discusses 4 of the most common tax problems that will cause you to receive an IRS notice.
35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season

35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season

July 20, 2021
The IRS had a backlog of more than 35 million tax returns at the end of tax season this year – and many of those people are awaiting tax refunds.
Did You Get a Letter from the IRS? Don't Panic.

Did You Get a Letter from the IRS? Don't Panic.

June 8, 2023
Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does most of its auditing through correspondence, an IRS letter can likely increase your heart rate and, in some cases, even ruin your day.
Relocating? How to Do It with Taxes in Mind

Relocating? How to Do It with Taxes in Mind

June 22, 2021
If you’re moving to a new state, there are many tax considerations to keep in mind. Learn more about domicile, nexus, state taxes, and more.
Don't Lose Your Passport Because of Unpaid Federal Debt

Don't Lose Your Passport Because of Unpaid Federal Debt

May 20, 2021
The IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and the service has resumed its program of notifying the State Department of taxpayers’ unpaid federal debts.
President Biden’s American Families Plan Would Give IRS Authority to Regulate Tax Preparers

President Biden’s American Families Plan Would Give IRS Authority to Regulate Tax Preparers

May 18, 2021
Along with benefits for children and families, the American Families Plan also proposes changes to the Treasury and expanded authority over tax preparers for the IRS.
Unpaid Debt Taking Your Tax Refund?

Unpaid Debt Taking Your Tax Refund?

May 11, 2021
We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. The Treasury Department’s Bureau of the Fiscal Service (BFS) issues federal tax refunds, and Congress authorizes BFS to reduce your refund through its Treasury Offset Program (TOP) to pay:
The US Loses Out On $1 Trillion a Year Due to Tax Cheats, IRS Estimates

The US Loses Out On $1 Trillion a Year Due to Tax Cheats, IRS Estimates

April 16, 2021
IRS Commissioner Chuck Rettig has announced the US may be losing up to $1 trillion a year in evaded taxes. Among the tax evasion techniques are cryptocurrency, illegal income, underreporting from pass-through businesses, and offshore tax evasion.
Tax Court Decision Holds Potential Impact for Travel Deductions

Tax Court Decision Holds Potential Impact for Travel Deductions

March 5, 2021
A case recently heard by the Tax Court was around one’s “tax home” and how it may be affected by how much time you spend in each location and how much income you generate while you’re there.
Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers

Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers

February 19, 2021
The Department of Labor has announced that there has been up to $63 billion in improper unemployment payments during COVID-19. Unsuspecting taxpayers could be victims of this fraud.
Beware: These Tax Return Red Flags Could Catch the Eye of the IRS

Beware: These Tax Return Red Flags Could Catch the Eye of the IRS

January 21, 2021
Receiving an audit notification can be a scary thing for any taxpayer. Here are some of the tax return red flags that could spark the interest of the IRS.
How to Address Rising Tax Problems During COVID-19

How to Address Rising Tax Problems During COVID-19

December 26, 2020
This year might be the year that you need to bring in a tax professional to help address some of the tax challenges that COVID-19 has caused.
What Happens if I Receive an IRS CP2000 Notice?

What Happens if I Receive an IRS CP2000 Notice?

November 20, 2020
If you receive an IRS CP2000 notice (also known as an underreporter inquiry) in the mail, don’t panic. First step: contact our office. We’ll help you through the rest.
What Happens if I Missed the October 15th Tax Extension Deadline?

What Happens if I Missed the October 15th Tax Extension Deadline?

October 23, 2020
If you filed for an extension this tax season, that extended deadline - October 15th - has now come and gone. Here's what happens if you missed it.
How to File Taxes After Moving to a New State

How to File Taxes After Moving to a New State

September 23, 2020
When you move to a new state, it’s important to be aware of the implications for your taxes. Learn more about establishing residency, part-year tax returns, and more.
How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19

How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19

August 20, 2020
Will your COVID-19 work-from-home location affect your taxes? It depends on the state. Here’s a breakdown of how nexus laws evolved during the pandemic.
How to Protect Yourself Against Coronavirus-Related Fraud

How to Protect Yourself Against Coronavirus-Related Fraud

July 24, 2020
There are bad actors seeking to take advantage of taxpayers and business owners. Here are some common types of fraudulent activities occurring during the COVID-19 crisis.
What You Need to Know About the People First Initiative

What You Need to Know About the People First Initiative

June 22, 2020
The IRS introduced the People First Initiative in March to help relieve some of the financial impact of COVID-19 on taxpayers.
Delaying Payment of Old Tax Bills Is A Big Mistake

Delaying Payment of Old Tax Bills Is A Big Mistake

May 11, 2020
If you owe the IRS money or want to file an amended tax return, you should be aware that paper filings are being piled up and not processed right now.
Coronavirus-Related Tax Relief for U.S. Families and Individuals

Coronavirus-Related Tax Relief for U.S. Families and Individuals

April 21, 2020
In the time of COVID-19, many Americans are struggling financially. Learn more about your various relief options for your taxes & finances.
IRS Letters: Tax Scam or Something You Need to Address?

IRS Letters: Tax Scam or Something You Need to Address?

February 19, 2020
Received a letter from the IRS? Stop, breathe, and contact your tax professional. Then follow these steps.
Budget Tips for Covering A Surprise Tax Bill

Budget Tips for Covering A Surprise Tax Bill

January 23, 2020
If this tax season brings you a large, unexpected tax bill, these are the steps you should take to ensure you don’t get into further trouble with the IRS.
How Can I Prove Financial Hardship to the IRS If I Can't Pay My Taxes?

How Can I Prove Financial Hardship to the IRS If I Can't Pay My Taxes?

December 20, 2019
Unable to pay your tax bill? Don’t panic. Here are the steps you need to take as well as
Did You Just Get an IRS Notice of Deficiency? Here's What to Do Next

Did You Just Get an IRS Notice of Deficiency? Here's What to Do Next

November 19, 2019
A Notice of Deficiency from the IRS could be a positive or a negative – but either way, it indicates a discrepancy you need to resolve.
3 Common Personal Income Tax Problems & How to Respond

3 Common Personal Income Tax Problems & How to Respond

October 16, 2019
Running into issues with the IRS is a year-round concern. Let’s discuss three of the most common tax problems for personal income & their potential solutions.
What Is the Statute of Limitations on Unpaid Taxes?

What Is the Statute of Limitations on Unpaid Taxes?

September 19, 2019
Did you know there is a little-known statute of limitations for tax debt collections? Learn more about when this rule kicks in & what conditions must be satisfied.
What Are My Chances of Being Audited and How Can I Reduce Them?

What Are My Chances of Being Audited and How Can I Reduce Them?

July 19, 2019
First, don’t panic. Audits are relatively rare, as fewer than 1% of taxpayers grouped by income level will get that dreaded notice on IRS letterhead.
See the US Tax System Illustrated in One Complex Map

See the US Tax System Illustrated in One Complex Map

August 21, 2019
The US tax system is complicated for even the most seasoned tax professionals. If you’re using the DIY route, you’re probably wasting valuable time & money.
What If You Want To File Your Taxes But Can't Afford To Pay Them?

What If You Want To File Your Taxes But Can't Afford To Pay Them?

June 18, 2019
It’s a common conundrum: You want to file your taxes on time, but you anticipate or already know that you will owe money you can’t afford to pay right now. As a result, you put off filing your tax return under the assumption that the IRS can only bill you if they receive your latest outstanding tax return that’s due.
What is an IRS Penalty Abatement and Am I Eligible for One?

What is an IRS Penalty Abatement and Am I Eligible for One?

May 16, 2019
There are different types of IRS penalties that can be assessed against you. The most common penalties include those for failing to file a tax return, filing your return late, or accuracy-related penalties if you didn’t correctly state items on your tax return. But were you aware that sometimes, the IRS can issue penalty abatements if you believe you’ve been penalized unfairly?
So, You've Made a Mistake on Your Tax Return. What Happens Now?

So, You've Made a Mistake on Your Tax Return. What Happens Now?

April 19, 2019
Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes are naturally complicated, and the paperwork required to file them properly is often convoluted. This is especially true if you're filing your taxes yourself — and all of this is in reference to a fairly normal year as far as the IRS is concerned.
What Are the Differences Between an IRS Tax Lien and a Tax Levy?

What Are the Differences Between an IRS Tax Lien and a Tax Levy?

March 20, 2019
If you’re reading this, the chances are high that you’re one of the many, many people who have received a notice from the Internal Revenue Service. Some level of correspondence with the IRS is natural ‒ particularly leading up to and in the immediate aftermath of tax season. But if you’ve received notification that the government is about to file a tax lien or tax levy against you, suddenly you’re talking about an entirely different ballgame.
A Government Shutdown Isn't Going to Save You from an IRS Audit

A Government Shutdown Isn't Going to Save You from an IRS Audit

February 19, 2019
Yes, it’s true that we’re just coming out of the longest government shutdown in the history of the United States. It will take many government agencies — including the Internal Revenue Service — a significant period of time to get back up to speed. But if you think that all this means that the chances of your getting audited are lower than ever, you’re going to want to think again.
Unforced Errors - The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019

Unforced Errors - The 8 Most Common IRS Tax Penalties and How to Avoid Them in 2019

January 24, 2019
You know the old line about the inevitability of death and taxes? It’s still true. What isn’t inevitable, however, is the need to pay penalties to the IRS. It happens, but it doesn’t have to, and the main reason that it does is because taxpayers don’t educate themselves about the rules. When you get hit with an IRS penalty, it adds on to a number that you already wish you didn’t have to pay.
Do I Qualify for an IRS Offer in Compromise?

Do I Qualify for an IRS Offer in Compromise?

December 21, 2018
An Offer in Compromise is an option offered from the IRS to qualifying individuals that allows them to settle tax debt for less than what they actually owe.
12 Common Tax Problems to Avoid

12 Common Tax Problems to Avoid

November 23, 2018
No matter how hard you try, at some point, you may find yourself facing one or more of the tax issues cited here (or something entirely different that we haven’t included). If that happens to you, contact us immediately for expert professional help.
Most Common Types of IRS Tax Problems

Most Common Types of IRS Tax Problems

October 23, 2018
A notification from the IRS is not something to be ignored. The best step is to take a deep breath, read the notice carefully, and if needed, contact our office for assistance.
5 Reasons to Amend a Previously Filed Tax Return

5 Reasons to Amend a Previously Filed Tax Return

September 3, 2018
The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers. Filing an amended tax return can be a hassle that you definitely want to avoid if possible. But there are some situations where you'll have to do so, and it's prudent to seek out the help of a tax advisor who can guide you through the process. Here's why you may need to file an amended tax return.
What Are The Penalties For Not Filing Your Tax Return?

What Are The Penalties For Not Filing Your Tax Return?

August 8, 2018
Even if you’re unable to pay your taxes, you need to file a return. Not doing so will eventually lead to a domino effect of negative consequences. Learn more.
Offer in Compromise FAQs

Offer in Compromise FAQs

July 19, 2018
Taxpayers interested in pursuing an IRS Offer in Compromise generally have three different options available to them under federal law. Learn more.
Why Am I Being Audited by the IRS?

Why Am I Being Audited by the IRS?

June 26, 2018
With the 2018 filing season currently behind us, notices have started to appear in mailboxes. While the IRS letterhead strikes fear into the hearts of most Americans, a vast majority of those notices are nothing to fear, since most of them are computer-generated and referring to outstanding tax bills you haven’t paid yet or errors on your tax return that can be easily addressed. Simply getting an IRS notice is not indicative of an audit.
How Long Should You Hold On To Old Tax Records?

How Long Should You Hold On To Old Tax Records?

June 19, 2018
This is a common question: How long must taxpayers keep copies of their tax returns and supporting documents?
Got a Letter from the IRS?

Got a Letter from the IRS?

May 24, 2018
If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund check, it will probably cause an increase your heart rate likely increased. But Don’t panic, though; most of the issues in these letters can be dealt with simply and painlessly.
Should I Use a Credit Card to Pay My Taxes?

Should I Use a Credit Card to Pay My Taxes?

May 15, 2018
With tax filing season out of the way, paying off those tax bills that weren't paid by April 18th is the next major concern for people. While there are a few options for payment agreements if you can't afford to write a check for the full amount immediately, there's also the option of paying your tax bill with a credit card. It can be less confusing than navigating IRS payment plans, and if your credit card has a nice rewards program, then it's something to think about.
I Didn't File My Tax Return; Now What?

I Didn't File My Tax Return; Now What?

April 23, 2018
There are a lot of perfectly reasonable reasons for not having filed your income taxes. Many people who fail to file are new to the job market, and never having filed before may simply have been unaware of the requirement to do so. Some people know but are too overwhelmed with other life events, including illnesses, death, or job loss. Whatever your reason and whether you’ve only missed one year of filing or several, there comes a point when you either remember on your own or are prompted for a request for a copy. Now, what do you do? And how much trouble are you in?
Big Changes Ahead For How Alimony is Treated for Tax Purposes

Big Changes Ahead For How Alimony is Treated for Tax Purposes

April 10, 2018
Alimony is the term used for payments to a separated spouse or ex-spouse as part of a divorce or separation agreement. Since 1985, to be alimony for tax purposes, the payments:
Ignoring Those IRS Notices Only Makes It Worse

Ignoring Those IRS Notices Only Makes It Worse

October 10, 2017
Remember those 1099s, W-2s, K-1s and other informational forms you receive each year reporting your interest, dividends, sales, wages, retirement income, IRA withdrawals, health insurance forms and other items having to do with your tax return? Well, the IRS also gets this information and feeds it into its computers. Thanks to modern computer technology, the IRS is able to match that information to what you reported on your tax return, and if something significant is omitted or there’s a discrepancy with the numbers, the IRS is going to send you a letter asking for an explanation or a tax payment. You will also receive correspondence if you don’t file a return and the data the IRS has indicates that you should have filed. It has form letters for just about every possible situation.
Dodging Tax Penalties

Dodging Tax Penalties

December 1, 2016
Most taxpayers do not intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the impact they can have on their wallet. As tax season approaches, let's look at some of the more commonly encountered penalties and how they may be avoided.
Owe Taxes and Can't Pay?

Owe Taxes and Can't Pay?

April 5, 2016
Are you one of the unfortunate Americans that end up owing and cannot pay your tax liability?
Unpaid Debt Can Take Your Refund

Unpaid Debt Can Take Your Refund

December 10, 2015
As the 2015 tax season approaches, you may be getting excited about your potential tax refund.
How Long Are You on the Hook for a Tax Assessment?

How Long Are You on the Hook for a Tax Assessment?

April 30, 2015
A frequent question from taxpayers is: how long does the IRS have to question and assess additional tax on my tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait – as in all things taxes, it is not that clean cut. Here are some complications:
What to Do if You Receive a Dreaded IRS Letter

What to Do if You Receive a Dreaded IRS Letter

December 29, 2014
When the IRS thinks it has found an issue with your tax return, it will contact you via mail with a CP series notice (most commonly CP2000). Please note that the IRS will never call or e-mail you initially about a tax delinquency. This is a trick used by scammers that has become quite prevalent.
Don’t Panic if You Receive an IRS Notice

Don’t Panic if You Receive an IRS Notice

June 11, 2015
If it is not your refund check in the mailbox, that letter from the IRS will probably increase your heart rate a little. Don’t panic; many of these letters can be dealt with simply and painlessly.
Are You In Danger of An Audit?

Are You In Danger of An Audit?

May 6, 2014
In recently-released data, the IRS divulged the audit statistics for returns the Service audited in fiscal year 2013. It provides information about the number of returns being audited and where the IRS is focusing their enforcement activities.
Behind on Your Taxes - Want a Fresh Start?

Behind on Your Taxes - Want a Fresh Start?

May 23, 2013
If you are unfortunate enough to have an unpaid tax liability and wish to put end the constant stream of correspondence from the IRS, there are several possible solutions to help you deal with the circumstances and take advantage of the IRS’s Fresh Start initiative.
Late Filing and Late Payment Penalty Abatement

Late Filing and Late Payment Penalty Abatement

December 13, 2012
A little-known provision within the Internal Revenue Manual (IRM) allows for the abatement of late filing and late payment penalties if a taxpayer was in compliance for the prior three years and had not previously had a penalty abated under this “first-time abate” provision. In a recent report, the Treasury Inspector General took the IRS to task for not publicizing and acting on this IRM policy. Abatement of the late filing and late payment penalties can result in some significant savings for taxpayers who are or have been subject to those penalties.
Streamlined Installment Agreements Raised to $50,000

Streamlined Installment Agreements Raised to $50,000

March 20, 2012
The IRS as part of its “Fresh Start” initiative to help struggling taxpayers is making installment agreements available to more people. The Fresh Start provisions also mean that more taxpayers will have the ability to use streamlined installment agreements to catch up on back taxes.
What to Do If You Receive an IRS Notice

What to Do If You Receive an IRS Notice

May 15, 2012
It's a moment many taxpayers dread. A letter arrives from the IRS and it's not a refund check. But don't panic; many of these letters can be dealt with simply and painlessly.
Penalty Relief for Financially Distressed Taxpayers

Penalty Relief for Financially Distressed Taxpayers

March 8, 2012
The IRS has new penalty relief for the unemployed and certain self-employed individuals on failure-to-pay penalties, which are one of the biggest factors a financially distressed taxpayer faces on a tax bill.
Tax Evasion Can Lead to Deportation for Aliens

Tax Evasion Can Lead to Deportation for Aliens

March 1, 2012
Don't get caught with your hand in the government's pocket, especially if you are not a U.S. Citizen. Case in point: Mr. and Mrs. Kawashima have been U.S. resident aliens since 1984 and own restaurants in Southern California.
Take the stress out of tax time.
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©2024 AMS Tax Service, Inc. All rights reserved.
  • Terms of Use
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  • Consent Preferences
  • Do not sell my information
  • Limit the Use Of My Sensitive Personal Information
By Konsist