Meeting With the IRS: What Not to Do or Say

Few interactions in life are as nerve-wracking as meeting with the IRS. Thankfully, most correspondence occurs via snail mail. When, however, an in-person meeting proves necessary, what you say — or don’t say — can determine a lot about your future tax situation. Hence, the importance of following these critical guidelines: Be Honest No matter […]

Your Installment Payment Is Too Difficult to Pay Down: What Are Your Options Now?

You held only the best intentions when you sought an installment plan with the IRS. Unfortunately, you have since discovered that your installments are too high for you to realistically handle. This is a terrifying discovery — fail to pay up, and you could be in for big trouble with the IRS. Thankfully, options are […]

How to Help Your Enrolled Agent Help You

You’re stuck in a difficult tax situation and not sure how you can possibly find a solution on your own. Thankfully, you don’t have to go it alone. An enrolled agent can guide you through every step of the process. Unfortunately, you aren’t absolved of all responsibility the moment you seek the services of an […]

Technologies That Could Transform the IRS Over the Course of the 2020s

The 2010s brought sweeping changes to every facet of technology — including taxation. These developments are only the beginning, however. We are on the cusp of a whole new era, in which emerging tech will transform how regularly people interact with the IRS. Recently, the IRS revealed a renewed commitment to developing and implementing the […]

What Are the Punishments for IRS Tax Evasion?

When faced with tax debt, many people opt for the ‘easy’ solution — ignoring the problem and hoping it goes away on its own. Others attempt more evasive measures, such as concealing sources of income. Fraudulent strategies rarely pan out. The IRS can be surprisingly forgiving for taxpayers who struggle to meet financial obligations, but […]

The Fight Over the IRS Decision to Allow Private Collection Agencies to Access Tax Records

Taxpayers have long taken solace in the knowledge that the IRS would never conduct cold calls in the interest of collecting on tax debt. All that is about to change, with a recent IRS decision paving the way for interference from private firms. This decision represents a huge departure from the previous IRS policy, which […]

Should You Pay Down Your IRS Debt Or Your Credit Cards First?

Many households deal with major debt, which usually comes from multiple sources. According to the snowball theory, it’s best to focus on — and conquer — the most problematic debt before moving on to other financial concerns. Often, financial experts recommend resolving credit card debt first. After all, many credit cards carry notoriously high-interest rates, […]

What Happens to Your IRS Debt During Divorce?

The financial aspects of divorce are frustrating enough as is, but that headache grows all the more painful when tax debt comes into play. You’re in for a particularly difficult ordeal if, while married, you opted to file joint tax returns. Your previous filing approach may have left you and your ex equally liable for […]

Are Crypto Investors at a Higher Risk of Being Audited By the IRS?

Every taxpayer faces some element of risk when filing returns, but that risk is decidedly elevated for certain types of people. Traditionally, business owners and freelancers have suffered the most audits. More recently, however, this unfortunate group has expanded to include crypto investors, who once successfully flew past the IRS’s radar. Keep reading to get […]

When You Owe BOTH State Taxes And IRS Taxes: Which Should You Prioritize, And Why?

America’s multi-tiered tax system, unfortunately, includes annual filings and payments at both the federal and state levels. While policies differ dramatically from one state to the next, many people find themselves paying in on multiple occasions each year. Taxpayers struggling to come up with the cash needed to handle various tax obligations may be forced […]