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Dealing With the Emotional Challenges of IRS Issues During an Already Difficult 2020

From coronavirus to protests, 2020 has blown away all expectations. These issues are stressful enough on their own, but they also magnify problems that existed long before we entered the new decade. IRS concerns, for example, prompted plenty of anxiety before this year — but they are that much more worrisome in light of new […]

Backlog at the IRS: What It Means For You

It’s never been easy to get in touch with the IRS, but delays are all but inevitable in light of the agency’s response to the coronavirus pandemic. In hopes of providing relief, the IRS has delayed filing activities and collection activity. Now, however, as these concerns once again loom large in the minds of taxpayers, […]

How High-Income Non-Filers Cheat the IRS — And How It Impacts the Rest of Us

You scrimp and save so you can pay what you owe during tax season — and you expect others to do the same. Unfortunately, those in the best position to pay up often neglect to do so. This tendency has only accelerated in the midst of the coronavirus pandemic. With the IRS suspending collections and […]

You Owe the IRS — And COVID Is Affecting Your Business: What Can You Do?

There’s no discounting the economic impact of the coronavirus pandemic, which has proven devastating for already vulnerable businesses. Even as quarantine restrictions ease, you may face a variety of unprecedented challenges that prevent your business from achieving expected profits — and handling already overwhelming tax issues. Thankfully, the IRS and SBA offer a variety of […]

What the IRS Is Doing Now to Help Taxpayers Who Owe 250K Or Less

The coronavirus arrived at a tough time for taxpayers, many of whom were already struggling to file returns and make payments prior to the pandemic. Now, concerns that taxpayers hoped to resolve months ago continue to loom large. If there’s a silver lining to all this, it’s an unexpected break from IRS issues that would […]

Quick Guide to Tracking Your EIDL Money

The Small Business Administration has long maintained a program known as the Economic Injury Disaster Loan (EIDL). Until recently, however, most businesses did not need to take advantage of this loan. All that changed as the coronavirus took over. In response to economic concerns related to quarantine, the loan program saw a significant expansion via […]

Quick Guide to Tracking Your PPP Money

In times of economic turmoil, small business owners must make a variety of difficult decisions. Chief among them? Whether to keep employees on payroll. When uncertainty takes over, layoffs or furloughs provide a difficult but viable solution. Of course, it’s not in the nation’s best interest to suffer mass layoffs in response to coronavirus-related challenges. […]

Why Does the IRS Assign Debt Collection to Private Services?

The IRS typically encourages prompt payment of outstanding taxes by assessing exorbitant late fees and interest. Many taxpayers, however, are as eager to ignore these fines as they are to keep standard tax payments at arm’s length. If, despite repeated efforts, the IRS is unable to secure payment, it may resort to alternative options — […]

How Do You Get an IRS Lien Removed? A Look at Possible Strategies

Your tax debt situation has spiraled out of control, to the point that the IRS has placed a lien on your account. This public document notifies creditors of the government’s legal rights to your property —and it makes it virtually impossible to secure outside loans or lines of credit. The sooner you ditch your IRS […]

What’s the Deal With IRS Form 656?

You’re ready to ditch your IRS tax debt for good — and you believe that the offer in compromise program is your best option. Before you can take advantage of this option, however, you’ll need to complete IRS Form 656. Thoroughness and accuracy are critical, as a single mistake could lead to rejection. Keep the […]