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Category: Tax Tips

5 Signs You Need to Contact a Tax Resolution Attorney

when to contact a tax attorney

When to Contact a Tax Resolution Attorney Tax problems often start small—you’re a little late filing your return or making a tax payment. These issues can quickly become worse because of penalties, interest, and the challenge of paying back taxes and meeting your current obligations at the same time.

How to Deal With IRS Revenue Officers

IRS revenue officer

What are Revenue Officers? Revenue officers are the senior-most collection agents at the IRS.  They get assigned the cases with the highest priority within the IRS.  If your case is assigned a revenue officer it means that the IRS considers your collection matter a top priority and you should take it seriously.  I highly recommend… Read more »

The IRS Payment Plan Process For Unpaid Business Taxes

how to handle unpaid business taxes

Here’s our guide to the IRS payment plan process for unpaid business taxes. Unpaid Business Taxes Generally, if you owe payroll taxes for an amount less than $25,000, you can request an installment agreement to full pay their tax liability within 24 months, provided that you are in filing compliance.  If you cannot afford to… Read more »

Can You Still Face Penalties If You Get a Tax Filing Extension?

tax return extension

Reasons for Requesting an Extension There are two major reasons taxpayers request a six-month extension to file their tax returns: • They waited until the last minute, and now they don’t have enough time to file their return. • They can’t afford to pay their tax bill. While the IRS will give all taxpayers an… Read more »

Worst Things To Do In An IRS Audit

7 things not to do in an irs audit

7 Things Not to Do During an Audit We get it. Tax audits can be nerve-racking, to say the least. And while there is a lot of information out there on what is appropriate to do, there isn’t much on what not to do. So allow us to outline some of the things you should… Read more »

5 Repercussions of Failing to File Tax Returns

don't file tax returns

What Happens If I Don’t File My Tax Returns? The law obligates every citizen to pay taxes to the IRS if their income satisfies a certain threshold. Only dependents are exempted from this rule. Similar to any other rule, filing tax returns is mandatory; there are no other ways about it. Failure to file tax… Read more »

So You Cheated On Your Tax Returns

cheating on taxes

Good News! Cheating On Your Tax Returns Is Very Common So you finally cheated on your tax returns and you are now confused? Well, the good news is, you are not the only one. In fact, cheating on tax returns is very common. There are millions of people who get away with it while a… Read more »

7 of the Most Common Issues Americans Overlook in Their Personal Tax

Tax issues

Death and Taxes Ben Franklin’s quote on taxes is well known among Americans, ‘in this world nothing can be said to be certain, except death and taxes’. But for all the certainty around the first, there is far less confidence among average tax-payers when it comes to the second. Sure, Americans know they need to… Read more »

The Most Common Tax Problems for Cash Businesses

The Most Common Tax Problems for Cash Businesses

In 2016, the IRS audited just over 1 million individual income tax returns. The IRS is always interested in businesses who receive most of their income in cash. Running a business that deals a lot with cash makes life easier (who likes waiting for credit card companies?), but there are some drawbacks. Drawback number one… Read more »

EITC Due Diligence Penalties Expand to Other Tax Credits

In February 2014, we published a blog detailing the IRS’s new campaign to up the ante when enforcing the Earned Income Tax Credit (EITC) duty of due diligence.  At that time, the Internal Revenue Service penalized tax preparers who failed to meet their duty of due diligence $50 per return.  Now, that penalty is a… Read more »