What Are the Ways You Can Set Up an IRS Installment Agreement?

If you’ve fallen behind on your taxes, an installment agreement may be your best bet for staying out of trouble with the IRS. Setting up this agreement can prove surprisingly difficult, however. In addition to completing piles of paperwork, you’ll need to offer substantial documentation underscoring your current financial situation. Even so, this approach remains […]

James M., Colorado

Mike and his staff at Highland Tax Group, Inc. were great communicators throughout the process, which ended with an amazingly successful outcome! I was very impressed with their ability to explain all the options concerning the problem and keep us informed throughout. I would recommend them to any who needs their services.

What’s the Difference Between Taxable and Non-Taxable Income?

Sometimes, the tax concepts that seem like they should be easy to understand are, in reality, among the most complicated. Such is the case for taxable and non-taxable income, which, at first glance, may appear simple enough. Dive in a little deeper, however, and the distinctions between these two types of income are less clear. […]

Can You Negotiate Another IRS Installment Agreement If You Owe Taxes From a Previous Year?

The unfortunate reality of tax debt is that it’s rarely resolved in one fell swoop. Even those fortunate enough to secure favorable installment plans may suffer additional tax debt in the future. After all, the financial issues that lead to those initial tax problems are unlikely to disappear immediately. Your failure to adjust your installment […]

Did You Miss an IRS Installment Agreement Payment? Here’s Your Checklist of What to Do Next

An IRS installment agreement can provide much-needed relief from the burden of tax debt. That relief hinges, however, on your ability to make installment payments on time. Life happens, and sometimes, even the most responsible taxpayers miss payments. The consequences can be harsh, with your account potentially going into default if you fail to take […]

IRS Guidance on Taxing Virtual Currencies — Explained in Clear Language

New methods of exchanging currency have brought about a variety of exciting investment opportunities — and quite a few headaches for the IRS and taxpayers alike. In an effort to curb tax evasion, the IRS has released Notice 2014-21, which includes basic information about tax reporting requirements for crypto traders. This guidance is valuable, but […]

No Money to Pay Your 941 Employment Taxes? How to Deal

Payroll taxes are a pesky reality of life as a business owner. Not only do you need to report on any taxes withheld from employees’ paychecks, you’re also responsible for getting these taxes to their final destination. Your failure to deposit withheld taxes on time could prompt harsh consequences from the IRS — consequences that […]

Top Reasons Employers Mess Up 941 Taxes – And How to Prevent Problems

Payroll taxes are an unfortunate reality for business owners, many of whom struggle to report on and remit withholdings to the IRS. Mistakes are all too common, with some leading to such harsh consequences as garnished accounts or even criminal penalties. These issues can often be avoided, as we demonstrate below: Manual Errors Many IRS […]

Appealing a Rejected Offer in Compromise: The Right Way Versus the Wrong Way

The IRS offer in compromise may be an excellent option for resolving tax debt, but it’s never a sure thing. Typically, less than half of the applications are accepted. In 2014, for example, just 27,000 of the 68,000 offers the IRS received were ultimately accepted. You’re certainly not alone if you’ve suffered rejection at the […]

IRS Teams Going After Cryptocurrency Tax Evaders: What You Need to Know

Cryptocurrency once seemed like a safe haven from the complications of the IRS, but all that has changed. While miners and traders have technically always been responsible for reporting gains on their taxes, the IRS has only recently started cracking down. Worried about your future as a crypto trader? By keeping in the know, you […]