The IRS Taxpayer Advocates Services are being forced to eliminate some of the services they offer, at least temporarily due to budget limitations. What are they cutting back on? In a blow to taxpayers, they will no longer deal with cases where the problem involves an IRS delay in processing tax documents. Of course as… Continue reading →
Tax
IRS Itemized Deductions and Volunteer Work at Schools
Interesting questions come up everyday at our tax firm. On the mind of many parents particularly those with part time or full time self-employment, relates to how their volunteer work for their child’s school might affect them from a tax standpoint. Now that is October, children have settled into their classrooms and many schools have… Continue reading →
Tax Lien and Tax Levy Facts – The Expert Advice You Need
What is a Tax Lien? A tax lien is a claim against one or more of a taxpayer’s assets. It is issued by the IRS or State Tax Agency for the purpose of insuring payment of a tax debt. The tax lien gives the issuing tax agency priority over other potential creditors with respect to… Continue reading →
IRS to Fingerprint Tax Preparers and Require PTIN to be Renewed Yearly.
We have many clients who come to us with huge tax debts that have resulted from errors or miscalculations on prior year returns. Sometimes these tax filing errors flag an audit or create what might start off as a small tax liability but after years of penalties and interest becomes a much bigger problem. Of… Continue reading →
Tax Levy – Understanding and Resolving IRS and State Tax Levies
Do you have or know someone with a tax levy? A tax levy is serious, it is the actual seizure of a taxpayer’s property by either the IRS or a State Tax Agency. It is one of the final steps in the enforced collection process and is usually exercised only after all previous attempts to… Continue reading →
Tax Liens – How to Remove an IRS or State Tax Lien From Your Credit Report
The most effective tool the IRS has for collecting tax debt are tax liens. What’s worse is that they are very difficult to get removed. Even after you pay off the tax debt, the tax lien will stay on your credit report for up to seven years. Only after they have expired will they be… Continue reading →
