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Be Prepared: Increases in IRS Audits are Coming

Posted by Brandon Keim | Jan 23, 2023 | 0 Comments

The Internal Revenue Service's primary form of communication is done by mail and fax, and their review of returns is done by hand. This process causes a massive backlog at the IRS for processing returns, however, that may change over the next few years with the newly passed Infrastructure Act's $80 billion in funds. But what does that mean for tax payers?

A Welcome Fix for Some S Corporations

Posted by Brandon Keim | Jan 20, 2023 | 0 Comments

The Internal Revenue Service has enacted a new policy that allows S Corporation to correct invalid S corporation elections. This new policy allows S corporations to make the necessary election to seek relief from the IRS after the proper returns have been filed.

Received an IRS CP21C Notice?

Posted by Brandon Keim | Jan 16, 2023 | 0 Comments

The CP21C notice is used as a reply to taxpayers pertaining to a communication they've made to the IRS. It is a confirmation that the agency has made changes to your account based on the communication they received. If you received a CP21C notice, without communicating with the IRS, it is likely due to a mistake from the IRS. But don't ignore it, you may be eligible to claim credits on a past return.

Received a CP14 Notice? What’s It Mean?

Posted by Brandon Keim | Jan 13, 2023 | 0 Comments

If you've received a CP 14 Notice, don't panic, this is the Internal Revenue Services firs notice to you about an unpaid balance. Failure to respond to this notice either by establishing any payment options or consulting an attorney will result in the IRS taking collection action against you.

IRS Collections: An Overview of the Process

Posted by Brandon Keim | Jan 09, 2023 | 0 Comments

If you have an unpaid tax bill, the IRS will likely initiate collections action to retrieve the money they are owed. But not to worry, the IRS will not immediately start seizing assets or pulling money from your accounts. They will notify you of the collection action to be taken against the unpaid balance and you can work to set up payment arrangements towards the balance.

A Coming IRS Crypto Crackdown?

Posted by Brandon Keim | Nov 25, 2022 | 0 Comments

Recently we have seen the IRS increase has increased its efforts in enforcing crypto-related tax labilities on cryptocurrency users. You can expect that to increase as the Internal Revenue Services has received more funding and new requirements under the Infrastructure Act will require crypto dealer to issue users 1099-B's.

Received a CP504 Notice? Here’s What It Means

Posted by Brandon Keim | Nov 11, 2022 | 0 Comments

The CP504 Notices is to alert you to the unpaid taxes you have due immediately to the Internal Revenue Service. The letter will also serve as a notice of intent that the IRS could begin levying your accounts or other assets in an attempt to collect the balance due.

New Tax Enforcement for Alimony

Posted by Brandon Keim | Nov 04, 2022 | 0 Comments

Recent changes have altered the Internal Revenue Service's rules regarding alimony as a deduction. If you have been paying alimony to an ex-spouse after to 2018 it may qualify as a tax deduction, however, you are likely still able to take the deduction if you finalized your divorce prior to 2018.

Received a Notice of Federal Tax Lien? Your Rights to a Hearing

Posted by Brandon Keim | Oct 21, 2022 | 0 Comments

You've received a letter informing you of a tax lien filing against you, because you have unpaid taxes. What this means is that the IRS has publicly declared that they have a claim to your property because of the unpaid debts. But you have options, you can request a hearing with the IRS to discuss the liability and determine how to make payment towards the balance.

Dealing with Errors in Form 1099

Posted by Brandon Keim | Sep 30, 2022 | 0 Comments

After receiving your Form 1099, examine it carefully for any errors, such as a wrong address or incorrect SSN. If you find an error, it needs to be corrected as quickly as possible to avoid an impact on your tax liability.

IRS’s Audit Campaign in Puerto Rico

Posted by Brandon Keim | Jul 08, 2022 | 0 Comments

If you are facing an audit after a recent move to Puerto Rico, this could be due to the Internal Revenue Services increased examination of U. S. citizens who have moved to Puerto Rico and claim to be exempt from paying U.S. taxes.

Are Taxes Dischargeable in Bankruptcy?

Posted by Brandon Keim | Jul 01, 2022 | 0 Comments

Filing for bankruptcy, in some cases, may be a way for you to discharge some of your tax debt on state and federal levels. But there are aspects that need to be considered in order to determine if the tax debt is dischargeable or not. For example, in most cases federal tax debt can be discharged if the returns need to be filed on time and the debt needs to be at least three years old.

The Coming “Beneficial Ownership” Reporting Requirements

Posted by Brandon Keim | Jun 10, 2022 | 0 Comments

The corporate transparency act is a new federal disclosure requirement for companies requiring companies to be identify their beneficial owners. The act is to assist law enforcement and local agencies discover who are beneficial owners of corporations to prevent them from disguising any illegal acts made by the corporation.

What Makes a Trust a ‘Foreign Trust’?

Posted by Brandon Keim | May 13, 2022 | 0 Comments

Because foreign trusts have different taxation requirement, it is important to note the difference between a U.S. domestic trust and a foreign trust. There are a couple tests you can use to make this distinction, one is by determining if a U.S. court has jurisdiction over the trust and another is by determining who holds the decision making powers for the trust. Knowing the difference helps to comply with tax requirements for foreign trusts.

Going After the Return Preparers: The IRS Letter 4523 and Beyond

Posted by Brandon Keim | Apr 01, 2022 | 0 Comments

Recently we have seen an increase in IRS Letter 4523, informing tax preparers they intend to conduct a comprehensive interview regarding concerns about returns they've prepared within the last three years. The preparer may face a penalty depending on the IRS's determinations. It is important to understand your options should you receive an IRS Letter 4523.

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The act of visiting or communicating with Brandon A. Keim via this website or by email does not constitute an attorney-client relationship. Communications from non-clients via this website are not subject to client confidentiality or attorney-client privilege. Further, the articles, discussion, commentary, forms and sample documentation contained in this website are offered as general guidance only and are not to be relied upon as specific legal advice. For legal advice on a specific matter, please consult with an attorney who is knowledgeable and experienced in that area. Attorneys listed in this website practice only in the jurisdictions in which they are admitted. This website is governed by the Arizona Rules of Professional Conduct.

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