A tax lien occurs when the government places a claim against the assets owned by a business or an individual when there are outstanding taxes owed. If the business or individual fails to satisfy the tax debt, the government may move to seize the asset or assets and sell them to pay for the debt. […]
Are Unemployment Benefits from COVID Relief Taxable?
Nationwide, each state treats unemployment benefits differently, with some states requiring that income tax be paid on all unemployment benefits and other states leaving those benefits untaxed. The federal government does require that taxpayers pay federal income tax on their unemployment benefits, but 2020 has some taxpayers wondering whether those benefits received due to COVID-19 […]
What Happens When You Pay Taxes Late?
If you pay your taxes late, you may have some penalties to pay, but it’s unlikely your life – or business – will be turned completely upside-down as the Internal Revenue Service (IRS) seeks to take everything you own. Mistakes happen, and sometimes financial problems exist that make it impossible to pay the IRS what […]
Covid-19 Tax Changes
The coronavirus pandemic has forced people around the world to make dramatic changes to their everyday lives, and Americans should be aware of some Covid-19 tax changes that will likely impact how and when they file their taxes for the 2019 tax year. In late March of 2020, Congress and the president passed a massive […]
Avoiding Debt Collection & IRS Scams
The proliferation of IRS scams and debt collection scams has increased exponentially with the increased availability of smartphones, texting, and the internet. Some scams feature an old fashioned letter sent through the mail that indicates a victim should send money to another party to avoid getting sued. Other scams are delivered by text and ask […]
What is an IRS Appeal?
Did you know that you can ask for an IRS appeal when you receive an adjustment letter from the Internal Revenue Service (IRS) in the mail? The IRS inspects the tax returns it receives each year and often sends taxpayers bills because the taxpayer’s return was found to have mistakes. The IRS may indicate a […]
What are the Most Common IRS Problems?
Mistakes are all too common on tax returns in the United States, and you may experience IRS problems whether your taxes are incredibly complicated or are rather simple. Here are some of the most common IRS problems you may experience and how to avoid them. Incorrect Income Reporting One of the most common mistakes seen […]
Can You Really Make a Deal with the IRS?
You may have seen or heard the commercials that advise you to call a number to try and make a deal with the Internal Revenue Service (IRS) to pay less than you owe on your taxes, but can you trust those commercials? Is there really an option to “get out of tax debt” like the […]
How the Trump Tax Cut May Change Your Taxes
Paying federal taxes is one of the most popular topics under discussion in politics today, and every presidential administration makes changes that it thinks will improve the country in some manner. In 2017, both houses of Congress and the Trump Administration have made taxes an important part of the legislative session. With so much publicity […]
5 Tax Audit Myths You Shouldn’t Believe
If you receive a notice from the IRS about a pending tax audit, it’s helpful to understand the process before it gets underway, and it’s even more helpful to know about some common tax audit myths that everyone tends to believe. Understanding what happens during a tax audit can help you prepare for that eventuality […]
