Back Tax Issues for Small Businesses What back tax issues are commonly encountered by small businesses? Due to the complexity of tax law, many small business owners do not know how to use available deductions to reduce their lax liability and therefore end up with tax balances that are more than the business can afford… Continue reading →
Help with IRS
Have IRS Tax Debt? Need a New Passport? The GAO wants to know.
As of the end of fiscal 2010, the balance of reported unpaid federal taxes was about $330 billion according to the IRS. This is a huge amount and as we have written about in the past, the enforcement of the tax laws and the tax code is on Government Accountability Office’s list of high-risk areas…. Continue reading →
IRS Innocent Spouse Relief – A $1,200,000 Tax Settlement Success Story
Mrs. M. was referred to us by a local attorney. Her husband had recently passed away and, shortly after his death, she became aware of an outstanding IRS tax liability in the amount of an astonishing $1,200,000. Mrs. M. had had no knowledge of this tax debt before her husband’s death. A few months later… Continue reading →
IRS Tax Tips for the Unemployed – What to Know When Money is Tight
If you are unemployed you are probably worried about many other things but there are some tax consequences and conversely some tax breaks that result from being unemployed. Here are some facts that unemployed taxpayers will need to know when filing a 2011 tax return on April 15 2012. 1. Severance packages, Accumulated sick leave, Vacation, and Holiday pay are… Continue reading →
If You Have Unreported Income You May Get a Letter from the IRS
Understanding The IRS “Soft Notice” Pilot Program to Encourage Income Reporting Compliance In 2007, the IRS launched a pilot program designed to decrease the tax gap by identifying unreported income. Under this pilot program, which is still in effect, IRS notices are issued to taxpayers when there is a discrepancy between the income reported on their tax… Continue reading →
IRS Tax Debt Who Has it? Tax Lien Statistics Give Some Clues
Feel like you are the only one with a tax debt problem? Ever wonder where in the US more people have the tax debt issues? Is this a problem of the rich or is the problem of incurring Tax Debt affecting everyone? A recent 2010-2011 analysis of tax liens from across the U.S. found that New… Continue reading →
