The Red Flags That Can Lead to a Schedule C Audit
Self employed Taxpayers should be aware that reporting certain information on their Schedule C forms could act as red flags and trigger an audit.
Self employed Taxpayers should be aware that reporting certain information on their Schedule C forms could act as red flags and trigger an audit.
The IRS has increased hiring agents, which could mean an increase in audits for Taxpayers.
A CP298 Notice is a last-ditch notice by the IRS. Taxpayers will receive this notice when the IRS has been unsuccessful in previous attempts to contact them regarding unpaid taxes. But you may still have payment arrangement options with the IRS.
A taxpayer will receive a CP94 notice after a court orders them to pay an amount of restitution.
Notice CP161 is to inform the Taxpayer that the IRS has determined they have an outstanding balance. It's important to respond to this notice in a timely manner to avoid any additional interest and penalties.
Do not be alarmed if you receive a Notice CP59, this notice is used to inform a taxpayer that the IRS has no record of their return.
If the IRS determines you have unpaid taxes, they will send an LT75 Notice informing the Taxpayer of their unpaid balance and that a levy has been place against them.
If you received an audit notice it is important to note the timeline and the request for information within the letter, failure to timely respond may result in limited options for resolution later.
Receiving a CP22A notice means that the IRS has made changes to a previously filed tax return, it's important to read to determine if the changes are correct.
An LT11 Notice is the Internal Revenue Service's warning that it intends to make a claim to your property.
The IRS has found that many employers who thought they were eligible for employee retention credits (ERC) were in fact not eligible. Now the IRS has created a temporary program to assist businesses to correct their ERC claim.
Receiving an LT26 Notice means the IRS's attempts to reach you regarding unfiled federal tax returns have gone unanswered. The LT26 Notice requested the unfiled returns be filed and warns a taxpayer about potential fines and penalties if the returns remain unfiled.
If you owe taxes to the IRS, they may apply an overpayment or refund towards an unpaid balance.
Notice CP14 is to alert a taxpayer to a potential unpaid tax debt.
Though the IRS paused sending collection notices during the COVID-19 pandemic, the IRS has resumed sending these notices. Taxpayers with outstanding balances who receive any notice from the IRS should not ignore them and address them quickly.
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.
What is the difference between the commonly known, general tax lien and a special tax lien?
If there's been a lien filed against your property and the debt has been paid, you may wonder what's next. There are two ways to remove a lien from your property, but what option best suits your situation?
With the end of the pandemic, the holds on IRS notices are ceasing. We can expect the IRS to resume sending notices to taxpayers about any balances or unfiled returns owed to the IRS.
The Internal Revenue Service can be intimidating but you don't have to face them alone. The Taxpayer Bill of Rights protects your right to counsel.
The IRS will file a lien against a home when they determine a taxpayer has unpaid tax debt, this protects their claim on the unpaid balance.
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.
If the Internal Revenue Service (IRS) has placed a tax lien on your property, once you've satisfied the debt, the IRS should notify you that the lien has been removed. To do so, the IRS should send you a “Certificate of Release of Federal Tax Lien,” also known as Form 668(Z). But you may still wo...

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