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Why You (Generally) Should Fight Your IRS Penalties

How did you first respond when you learned you had been targeted by the IRS? If you’re like many Americans, you immediately assumed that you would eventually need to pay up. This widespread belief perhaps explains a concerning 2012 Treasury Inspector General for Tax Administration report indicating that just eight percent of taxpayers have requested and […]

Quick And Interesting Stats About the IRS Offer in Compromise Program

The IRS Offer in Compromise (OIC) program provides a valuable opportunity for those who struggle under the burden of tax debt; qualified individuals agree to make payments in exchange for a significant reduction in tax liabilities. But while accepted taxpayers and certain IRS representatives sing the program’s praises, statistics often tell a different story. Applications […]

Tax Planning For the New Year: How to Avoid Past Mistakes

Admit it: 2018 was a tough year. If you’re like many taxpayers, late payments, interest, and nasty calls from the IRS left you feeling stressed and anxious. You’re hoping for a better 2019, but hope alone is not enough — you need to plan now to ensure that you avoid the pitfalls that got you […]

What’s Happening to IRS Workers Because of the Government Shutdown?

While most taxpayers have natural concerns about how the shutdown of the federal government will affect their tax returns, the IRS workers themselves face perhaps an even greater concern: How will they survive financially until the government reopens? More than 800,000 federal employees across all branches of government are truly feeling the pinch for the […]

The Result of Unpaid IRS Back Taxes – Horror Stories

If you think you can get away with avoiding taxes indefinitely, you are dead wrong. Plenty of people have tried this tactic, and plenty have failed. Sometimes, the effects of unpaid taxes can be shocking, as evidenced by the stories outlined below: Deceptive IRS Agents Most IRS agents are just trying to do their job, […]

How Does the IRS Assess Penalties On 941 Back Taxes Owed?

As a business owner, you may be required to withhold federal taxes from employees and file IRS Form 941 on a quarterly basis. With Form 941, you report on the number of employees who currently work for your business, the total wages paid to those employees, and the amount of taxes withheld. What happens if […]

IRS First Time Abatement Saves Client $20,000!

We have a new client who hired us last week concerning his 2006 IRS tax debt totaling over $82,000! He has a significant amount of IRS penalty and interest and wants us to mitigate some of the debt. We discussed several ways to mitigate the tax debt including IRS penalty and interest abatement, IRS first time […]

How Much Does A Schedule C Audit Typically Cost, In Terms Of Money And Time?

You know your Schedule C audit will cost money and time, but how much will you pay? It will depend on the type of audit you face, the status of your records, and the professional help you hire. Use this breakdown to estimate your audit expenses. For audit representation, a Schedule C is considered a […]

5 Questions to Ask an Enrolled Agent

Many people facing IRS action seek the advice of enrolled agents. But what do these professionals do? Are they worth the investment? How do you find someone who shares your values and who has the experience to handle your complex challenge? An agent is a person who has been qualified to represent taxpayers in front […]

Do You Owe Money to the IRS for 2015? Will You Owe More For 2016? Here’s a List of Critical Dos and Don’ts

Being in debt to the IRS can be scary, regardless of how much money you owe, but ignoring the debt will only make the problem worse. So, what do you do if you already owe the IRS money for 2015, and you’ve just found out you’ll owe again in 2016? Let’s take a look at […]