Understanding Innocent Spouse Tax Relief
Marriage carry heavy tax consequences that could be alleviated through careful tax planning strategies. Marriage planning should include a discussion about tax liability. The subject of tax is even more important if you plan to execute a prenuptial or premarital...
Understanding the IRS Audit Procedure
The Internal Revenue Service, in some cases, audits tax returns to ensure that taxpayers correctly pay their tax due. Knowing what the IRS will look for during an audit and getting prepared in case of an audit save taxpayers time and money. A tax audit can go on for...
What is the IRS Status of Limitations for Audits?
There is is a statute of limitations on Internal Revenue Service audits and tax assessments. The time period is called Assessment Expiration Date (ASED). Once the limitations period expires, the IRS cannot audit your return or assess any additional tax. You may have...
What is the Lesson in the Taylor Case?
When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes even when you hire a reputable payroll company because you cannot transfer your responsibility for compliance with tax laws as demonstrated in the...
You Received a Letter from the IRS. What Should you Do?
Million of taxpayers could not pay their taxes or failed to file their tax returns. The number increases every year. Some taxpayers incorrectly filed their return. The Internal Revenue Service, in many cases, would send them a letter. Unfortunately, many taxpayers...
Are you Qualified for an Offer in Compromise?
An Offer in Compromise is a program offered by the IRS that allows taxpayers to settle their tax debts for less than what they owe. This program is designed to help taxpayers who are unable to pay their tax debts in full and are experiencing financial hardship. The...
What Happens When You Did Not File Your Tax Return?
Per the Internal Revenue Service, the Failure to File Penalty applies if taxpayers and businesses do not file their tax return by their respective due dates. This tax year, for S Corporations and Partnerships, the due dates were March 15, and September 16 for business...
Is BOI Reporting Constitutional?
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report with the U.S. Department...
How to Reply to a Correspondence from the Internal Revenue Service?
Many taxpayers are currently receiving correspondence from the Internal Revenue Service. Notices that were on hold because of Covid-19 and lack of funding to enforce compliance are resumed. Some taxpayers are now realizing that the Service did not overlook the past...