The Internal Revenue Service's practice of unannounced visits is coming to an end, with the IRS announcing this past summer they would be stopping the visits due to various scammers posing as IRS Agents.
If your business had to close during the Covid pandemic, you may be eligible for a tax credit.
Criminal investigations for tax fraud related referrals are on the rise.
A lien is a claim against collateral for payment of a debt. A creditor has to make sure that their claim is filed timely and correctly to preserve their right to the collateral.
Recently the Internal Revenue Service has commented on the growing concern of lien filings on foreign assets and property. Many people want to know if the IRS can place liens on their overseas assets and properties, and the answer is yes.
If you have been charged with a tax crime, it is understandably worrisome, but the charge does not mean automatic conviction. Taxpayers have varying legal defenses that can be taken to challenge the charges.
If you're facing a levy from the IRS, seeing a notice that the IRS intends to levy your bank account or your wages can be frightening. But it's important to understand the type of levy you're facing and how it will work. IRS Levies A levy is a legal seizure of your assets by the IRS. It can in...
If you received a levy notice in the mail it may mean that the IRS intends to seize your property because of a delinquent tax debt. To release the tax debt you will need to full pay the tax debt or explore some of the other options available if you cannot full pay your balance.
Living abroad can create many complex tax situations for U.S. citizens and resident aliens. For US citizens, your total global income is taxed, but what if you're a resident of a foreign country?
The IRS has a set amount of time they can pursue your outstanding tax debt, but that doesn't mean you shouldn't make efforts towards paying the balance. The collection statute expiration date (CSED) is a ten-year period that the IRS has to collect unpaid taxes from you, but there are some exceptions and extensions that can apply.
It is understandable that you would worry when receiving a collections notice from the Internal Revenue Service, especially if the balance is substantial to you. It is important to not ignore these notices, because the collection process begins the second you receive the notice. However, while the balance may seem daunting, you have a few different payment options.
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?
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.
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.
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.
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.
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.
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 foreign investments or accounts, you nay be responsible for filing a Report of Foreign Bank and Financial Accounts (FBAR). Failure to file may result in civil and criminal penalties.
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