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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 […]

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 […]

How Does the IRS Access Your Crypto Trading History?

A reckoning is coming for cryptocurrency enthusiasts, who, in the past, enjoyed broad discretion as they completed (or failed to complete) their tax returns. While crypto has technically always counted as taxable property or income, the IRS has only recently ramped up its efforts to hold traders accountable. The latest initiatives involve the pursuit of […]

What You Need to Know About the Latest IRS Scams to Protect Yourself

Every year, far too many Americans fall prey to tax scams, which prompt financial devastation and considerable stress. The more you know, however, the better you can avoid these schemes. Below, we detail a few of the top scams highlighted in the annual IRS ‘Dirty Dozen’ list, along with options for protecting yourself and your […]