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What Happens If You Owe the IRS in 2020 But Set Up an Installment Plan in Previous Years?

The economic struggles of 2020 have caused enough stress already, but this can quickly be amplified if you expect to pay in when tax season arrives. Even worse: paying in when you’re already dealing with an installment plan to deal with debt from previous years. Keep these considerations in mind as you seek a solution […]

Best Practices for Helping an Adult Child Handle a Complex IRS Issue

As the parent of an adult child, you love lending your support. Some issues, however, are easier to resolve than others. Tax problems can be especially overwhelming. Keep these best practices in mind as you give your adult child a helping hand: Step Back Until Asked It can be frustrating to watch an adult child […]

If a Loved One Died in 2020, What Does it Mean For Their Tax Return?

From lockdown to job loss, 2020 was a difficult year for almost everybody. Needless to say, it was especially traumatic for those who lost loved ones. Unfortunately, the pain isn’t about to end for the bereaved now that a new year has arrived. In 2021, people who are still grieving must somehow cope with the […]

Hunter Biden’s IRS Issues And What They Can Tell You About Your Own Tax Challenges

Nobody — no matter how rich, famous, or politically influential — is 100 percent safe from the grasp of the IRS. This is clear in the aftermath of the election, as President-elect Biden’s son Hunter continues to face major drama with the IRS, along with an investigation by the Justice Department. Areas of concern include […]

What Can You Do If a Software Error Caused Big Problems With the IRS?

The modern process of filing a tax return often involves software and direct deposits. At first glance, this approach seems far more convenient than the paper-based forms of yesteryear. It’s no wonder, then, that for Fiscal Year 2019, over 184 million returns were filed electronically. A substantial share of these were completed with help from […]

IRS Fears Compounded By Pandemic Fears: How to Calm Yourself Down, Get Help, And Make Rational Decision

Anxiety is part and parcel of living through a pandemic. From job loss to worries about contracting the virus, it’s only natural to feel stressed. Now, add tax drama to the mix. It’s no wonder you feel worried. If you allow yourself to be paralyzed by fear, you’re unlikely to take the action needed to […]

Got Virtual Currency? Avoid These Tax Mistakes

As a cryptocurrency enthusiast, you’re always looking for new ways to optimize your digital investments. If you’re not careful, however, your efforts could lead to major trouble with the IRS. Chief mistakes include failing to disclose the sale or exchange of cryptocurrency on your tax return or other related documents. Unfortunately, even minor reporting mistakes […]

IRS Publication 559 for Survivors, Executors, and Administrators: What You Need to Know

Losing a loved one is difficult enough as is, but administrative concerns make losses even more traumatic. Executors, in particular, find themselves mired in the confusion of estate planning and IRS drama while they try to process their grief. Thankfully, the IRS offers much-needed guidance in the form of Publication 559. What Is Publication 559? […]

How to File the Final IRS Return for Somebody Who Died: Do’s and Don’ts

Your spouse, parent, or sibling died — and now, you’re forced to deal with a complicated tax return as you also work through your shock and grief. Fail to complete tax obligations correctly, and you’ll suffer unwanted interference from the IRS. Keep these do’s and don’t in mind as you file somebody else’s final tax […]

Insomnia Because of IRS Problems? Solve the Problem at the Root

If you’re tossing and turning with anxiety at night, you’re certainly not alone. A Consumer Reports survey of over 4,000 people reveals that over one-quarter of adults struggle to sleep — and this was a problem long before COVID-related worries took over. From work to health issues, several sources of stress may keep you awake […]