The 10 Most Common Things That Can Trigger a Tax Audit (Part One)
Notice of Intent to Offset If you receive a Notice of Intent to Offset, your tax refund is going to be seized and put towards debt you owe to the IRS or another government agency. As part of the Treasury Offset Program (TOP), your tax refund checks are matched against any outstanding debts you owe… [Read More]
Unfiled Tax Returns Some people avoid filing their tax returns because they don’t want to pay taxes to the IRS. Other simply forget or don’t know they need to file. Whatever the reason, having several years of unfiled tax returns can create problems whether you are due a refund or have a balance due to… [Read More]
Bankruptcy and the IR Bankruptcy may temporarily delay collection activities by the IRS. However, some types of tax debt are not dischargeable in bankruptcy, so the IRS may be able to resume their collection efforts once the automatic stay is lifted.
How to Stop an IRS Levy When the IRS is about to levy your assets, you should look for any possible opportunities to stop or delay the levy. Once the levy happens, it’s very difficult to get that property back, but there are several ways to stop a levy before it takes place.
Virtual currency refers to any digital currency which is only available in an electronic form and not as a physical form of money. Virtual currencies, like Bitcoin, are created by a process known as “mining,” where an individual, using powerful computers, authenticates transactions in what is known as a “blockchain,” or a ledger of digital… [Read More]
Many people may wonder what constitutes the IRS streamlined filing compliance procedures. The IRS streamlined filing compliance procedures are a system of procedures which allows US taxpayers the ability to acknowledge their failure to report all of their foreign assets, as well as to certify that this failure to report all foreign financial assets, and… [Read More]
With the recent changes to the tax code as a result of the Tax Cuts and Jobs Act (TCJA) signed into law by President Donald Trump, the Internal Revenue Service has issued guidance to taxpayers over potential issues pertaining to withholdings and reporting. The IRS is warning retirees in particular, as the new tax regulations may… [Read More]
If you are an employer or employee who has fallen behind on payroll taxes and are now facing a hefty bill from the Internal Revenue Service, ignoring it will not make it go away. When it comes to unpaid payroll taxes, the IRS often comes down much harder on taxpayers than they do with unpaid… [Read More]
IRS Forms 433-A, 433-B, and 433-F – An Overview The IRS has three information collection statement forms namely IRS Form 433A, IRS Form 433B, and IRS Form 433F. Their basic function is to relay to the IRS your financial assortments in a structure of the IRS’s choosing. That way the IRS is able to determine… [Read More]