Whether you file the simple 1040EZ or a complex 1040 with multiple schedules, making a mistake on your tax returns could lead to big tax trouble. Something as simple as a math error or unsigned form could invite extra attention from the IRS. The tax agency sees those mistakes every year, and IRS representatives warn […]
IRS woes
What is a Levy? IRS and Other Asset Levies Explained
Falling behind on your debts is never a fun position to be in. It’s less fun when a levy is placed on your assets. In this article, we take a look at what an IRS levy is, why it happens, and what you can do about it. What is an IRS levy? Simply put, if […]
3 tax resolution strategies from the IRS
Whew, tax time has passed! Or has it? While taxes are a fact of life, tax problems shouldn’t be. If you find yourself in hot water with the IRS, they’ll come to collect what you owe by any means possible — from garnishing your wages to putting a lien on your property. Luckily, there are […]
The latest guidance on economic impact payments for taxpayers
You’ve probably heard that IRS will be making millions of economic impact payments (also called recovery rebates) in coming months to help people stay afloat during the economic uncertainty related to the COVID-19 crisis. Here’s what you need to know about this program: How much will I receive? IRS will soon begin making payments of […]
Guess what? The IRS knows about your un-filed tax returns
No one likes filing their taxes, but not filing them isn’t just a bad idea. It’s illegal. The IRS keeps detailed records, and chances are they’ve already noticed your lack of compliance. If you’re guilty of an unfiled return, it’s only a matter of time before they catch up with you and demand payment. So, […]
The latest guidance on tax payment relief
We have received guidance regarding the special payment relief proposed by the Treasury Department on March 17. This payment relief includes: Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of the 2019 tax due. This […]