Avoid IRS Tax Audits! Red Flags That Trigger IRS Audits: Claiming Business Losses Multiple Years in a RowWhen you operate a business and file Schedule C, the IRS assumes you operate that business to make a profit. Claiming losses year after year without any profit raises a red flag with the IRS. Failing to Report …
Question: I’ve been getting notices from the IRS saying I owe them for back taxes. This is stressing me out and starting to affect other areas of my life. What should I do? Answer: Owing money to the IRS or State can be intimidating and throw your life out of whack but ignoring these notices …
The final step in the IRS collections process is a seizure. At this point the IRS will take everything you have left to satisfy the debt they believe you owe! What Can the IRS Do? Unlike an IRS levies which involves intangible assets such as your bank account, a seizure is the taking of physical assets, including your home, …
We often get asked the question, “I owe the IRS $55,000 plus penalties and interest in back taxes but I think I can handle this myself. Is there any reason why I shouldn’t deal with the IRS on my own?“ One of the worst things you can do is talk to the IRS directly without …
Are you a gig worker? You may or may not realize special tax filing specifications you have. The following is excellent information from Liz Farmer, Senior Contributor at Forbes Magazine: The number of gig workers in America has been growing in recent years, but the COVID-19 pandemic has accelerated that trend. Before the pandemic, around 41 …
Question: I’ve been getting letters from the IRS saying I owe back taxes for 2017 – 2019. This is taking over my personal life and don’t know where to start. What should I do? Answer: Owing money to the IRS or State can be intimidating and throw your life out of balance but ignoring these …
Let’s talk about the offer-in-compromise for a moment. It’s a program you hear a lot about. You hear the term pennies on the dollar quite often in advertisements for companies wishing to help you settle your IRS debt. They are alluding to the Offer in Compromise. It is a program by the IRS to help …
Question: I own a small business and we were forced to close due to the Pandemic and in order to keep afloat, I did not pay our payroll taxes for a few quarters. How much trouble am I in? Answer: Owing 941 payroll taxes is very different from owing personal income taxes. Not only can …
IRS Nabs Billionaire in Biggest Tax Evasion Case in US History Tech mogul Robert Brockman has been charged with tax evasion totaling over two billion dollars, the largest case of its kind in the United States. Brockman, the CEO of Reynolds and Reynolds, a company that makes management software for car dealerships, is also accused …
Question: I do not have the funds to pay what I owe for my 2019 income tax return. I also was late in filing the return. Not only is the IRS demanding the tax I owe, but they have slapped on these huge amounts for penalties and interest. I had extenuating circumstances that caused all …