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What’s the Difference Between an IRS Levy And an IRS Lien?

The IRS imposes a variety of penalties on delinquent taxpayers who fail to respond to collection efforts. In especially severe situations, the agency may assess liens or levies. Both are problematic for taxpayers, but many struggle to tell the difference. Keep reading to learn the distinctions between these two IRS actions — and why both […]

Hunter Biden’s IRS Issues And What They Can Tell You About Your Own Tax Challenges

Nobody — no matter how rich, famous, or politically influential — is 100 percent safe from the grasp of the IRS. This is clear in the aftermath of the election, as President-elect Biden’s son Hunter continues to face major drama with the IRS, along with an investigation by the Justice Department. Areas of concern include […]

What Can You Do If a Software Error Caused Big Problems With the IRS?

The modern process of filing a tax return often involves software and direct deposits. At first glance, this approach seems far more convenient than the paper-based forms of yesteryear. It’s no wonder, then, that for Fiscal Year 2019, over 184 million returns were filed electronically. A substantial share of these were completed with help from […]

What Kind of Tax Relief (If Any) Can Small Businesses Expect in 2021?

Small business owners have been praying for an end to 2020. Unfortunately, the first few months of 2021 will be anything but easy. Still, entrepreneurs are hoping for better days as the COVID vaccine is rolled out. Tax relief may also be around the corner, as we explain below: PPP Funding and Deduction Changes While […]

How to Deal With Payroll Taxes For Your Business If You’re Struggling Because of the Pandemic

Payroll taxes are often a considerable source of frustration for employers, but this is especially true in the midst of a pandemic. A few options are available for relief, but these aren’t always worth pursuing. The wisdom of deferral, for example, depends on your ability to eventually cover owed payroll taxes. The better you understand […]

What the Biden Administration Plans for the IRS — And How Those Plans Affect You

As President-elect Biden prepares for his return to the White House, Americans are wondering how he’ll handle everything from COVID to the current economic slump. Taxes also represent a common source of concern. While it’s impossible to know exactly what the IRS will look like under the future Biden administration, we can look to both […]

IRS Fears Compounded By Pandemic Fears: How to Calm Yourself Down, Get Help, And Make Rational Decision

Anxiety is part and parcel of living through a pandemic. From job loss to worries about contracting the virus, it’s only natural to feel stressed. Now, add tax drama to the mix. It’s no wonder you feel worried. If you allow yourself to be paralyzed by fear, you’re unlikely to take the action needed to […]

Lost a Loved One to COVID in 2020? Will You Have to Deal With the IRS?

There’s no denying the grief and anger suffered by those who have lost loved ones during the COVID pandemic. Unfortunately, the struggle goes far beyond these emotions to include practical matters such as federal tax returns. As you grieve the loss of a spouse or family member, keep the following tax concerns in mind: Prepare […]

What Happens if the IRS Threatens to Take Your Refund?

Every year, three in four Americans look forward to receiving tax refunds. These often total thousands of dollars. While this should not be thought of as free money, many recipients depend on this lump sum to cover everything from credit card debt to medical bills. Given the importance the annual tax refund plays in so […]

Panic Over Whether PPP Loans Will Be Taxable: What’s Going on And What Comes Next?

When the Paycheck Protection Program (PPP) was first announced as a form of mitigation for cash-strapped COVID-era businesses, advocates assumed that the initiative’s forgiven loan money would not be taxable. This provision made the program far more desirable to business owners who might otherwise have been skeptical. Unfortunately, the very promise that encouraged entrepreneurs to […]