If you owe an outstanding debt to the IRS and you've received notices of intent to levy, you're probably worried about how bad things can get with the IRS. While the IRS is entitled to your property to satisfy your debts, there are limits to what they can take from a taxpayer.
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.
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.
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.
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.
If you have a company that is owned or operated by an American individual living abroad, you may qualify for tax filings that can limit your companies liability.
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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