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Your Bookkeeper or Accountant Made a Mistake on Your Payroll Taxes: What Do You Do Now?

Most tax accountants are competent, but mistakes happen — and when they do, you risk getting into trouble with the IRS. Your problems could prove particularly worrisome if they involve payroll taxes, as you can be held personally liable. The sooner you seek damage control, the better. This will likely take the form of additional […]

Owe Money to the IRS? Do These 3 Things in January 2020

January might seem like an odd time to tackle IRS debt, but it’s only understandable to want to start the new year with a clean slate. Thankfully, it’s not too late to get your debt situation under control. Get Started on Your Offer in Compromise Depending on your situation, an IRS offer in compromise could […]

Dealing With a Crypto IRS Issue? Why You Want an Enrolled Agent Who Understands the Technology

The IRS is beginning to crack down on cryptocurrency users. There’s no need to panic just yet, but it would also be unwise to turn a blind eye to today’s increasingly urgent crypto taxation concerns. Whether you’re currently dealing with IRS drama or are simply looking to take a proactive approach to your tax situation, […]

What Is IR-2018-71? What Does It Mean If You Own Crypto?

Many cryptocurrency enthusiasts remain entirely unaware of their tax obligation on virtual currency transactions — but that’s about to change. In recent years, the IRS has made a clear effort to alert taxpayers with crypto investments. This effort was once again apparent with the release of IR-2018-71, which reminds taxpayers of their need to keep […]

Beware These Too-Good-To-Be-True Solutions to IRS Debt

From dieting to debt, it’s only natural to seek the easiest and most pain-free solution possible. In both situations, however, easy is rarely effective. Unfortunately, scammers in multiple industries prey on the desperate in hopes of making a quick buck — and tax resolution is no exception. With a little awareness, you can avoid the […]

You’re Too Sick to Work But Owe the IRS a Lot of Money: What Are Your Options?

From sick days to SSDI, many Americans miss out on much-needed income due to severe medical conditions. This can impart significant financial stress, particularly for those already dealing with tax debt. Thankfully, the IRS offers options such as penalty relief and installment plan adjustments to help taxpayers focus on recovery. Adjusting Your Installment Plan The […]

Top Ways to Reduce Your Likelihood of an IRS Audit

Few circumstances in life are dreaded as much as an IRS tax audit. Thankfully, these are far from common. In 2016, for example, the IRS audited just 0.6 percent of all tax returns. Still, the hassle and potentially harsh consequences make these preventative efforts worthwhile: Check — And Double-Check — Your Math The most common […]

The Most Common Questions People Have About the IRS Offer in Compromise Program

The IRS offer in compromise provides the promise of a fresh start, complete with considerable tax savings. Unfortunately, this arrangement is notoriously difficult to achieve. Given this program’s high rejection rates, there is no room for error. It’s in your best interest to clarify the following questions well before you apply: What if my offer […]

You’re Shutting Down Your Business: Do You Still Need to Deal With Payroll Taxes?

It’s no secret that entrepreneurship is challenging. If you’re like half of all small business owners, you’ll make the tough decision to close down within five years of launching. Unfortunately, the difficulties don’t end the moment you decide to shut down your business. A variety of tax liabilities remain on the table, including, most notably, […]

What to Say (and What Not to Say) When Communicating with an IRS Agent

The suggestions highlighted below will help you communicate more effectively with the IRS on behalf of your client.  Be Prepared With the Proper Documents Prior to calling, gather relevant tax documents from your client to ensure that you’re fully prepared to answer any questions IRS agents may pose. The more organized and in charge you […]