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The IRS Backlog Continues in 2021: What This Means For You

Frustrated with the IRS? You’re certainly not alone. As if the beginning of 2021 wasn’t stressful enough, taxpayers are now complaining of ongoing delays that have carried over from 2020. Unfortunately, these problems aren’t about to disappear. The cause? A huge backlog with the IRS. This occurred in response to the initial COVID shutdown, which […]

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 […]

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 […]

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 […]

Which Documents Should You Gather When Filing IRS Taxes For Somebody Who Passed Away?

You’ve taken on the complicated and emotionally overwhelming task of completing an IRS tax return on behalf of a loved one who recently died. The paperwork may seem difficult or time-consuming, but that’s only the beginning. This will need to be supported by several documents, similar to those you might include with your own tax […]

What You Need to Know About IRS Form 8855 And Its Tax Implications

As an executor or trustee, you may need to make a variety of difficult decisions about a decedent’s revocable trust. This process may force you to deal with several confusing IRS documents, which should be filed in a timely manner to help trustees take advantage of numerous tax benefits. IRS Form 8855, in particular, is […]

Can You Use an Emergency Business Loan to Pay Down an IRS Business Installment?

As a business owner with major tax debt, your installment agreement may be all that stands between you and aggressive action from the IRS. As such, an inability to pay installments will naturally stress you out. If you’ve sought a temporary solution to help you get back on track, the possibility of an emergency business […]

What Happens if You Default on an IRS Installment Agreement For Your Business?

After dealing with IRS business debt, you found a great solution: an installment plan to keep payments manageable. Unfortunately, despite trying your best to keep up with the agreement, you’ve defaulted on your plan and are scrambling to figure out next steps for minimizing the damage. What Are the Consequences of Defaulting? Fines are bad […]

Can the IRS Audit a Deceased Person? What to Know If the Unthinkable Happens

A familiar cliché states that nothing is certain in life except death and taxes — but sometimes, these two unfortunate events are intertwined. Such is the case with federal taxes, which not only must be filed after death, but can also potentially be audited. Which Tax Returns Should Be Filed For Deceased Individuals? Multiple tax […]