Finding Real Life Solutions To Your Tax Problem
When businesses struggle financially, it can be tempting—sometimes even unavoidable—to delay certain payments. Unfortunately, payroll taxes are not something the IRS allows any flexibility with. In fact, the IRS takes the nonpayment of employment taxes so seriously...
A tax audit forces you to put your financial records under a microscope, and even small mistakes can create bigger problems than you expect. Both individuals and businesses face risks when they miss details, miss deadlines or mishandle the process. Here are five...
Dealing with overwhelming tax debt is stressful. Two potential solutions—Offer in Compromise (OIC) and bankruptcy—can provide meaningful relief, but they work in very different ways. Understanding the pros and cons of each option will help you make an informed...
If your ex-spouse failed to report income or underpaid taxes, you may feel blindsided when the IRS comes after you for their mistakes. This is where innocent spouse relief comes in, and knowing how it works can give you a way to separate your financial future from...
For many people with back taxes due, an important consideration is the time limit. With a simple online search, people can discover that generally the IRS has 10 years to collect back taxes from the time the initial tax liabilities were assessed. However, most people...
One of the most important benefits of a corporate structure is that it tends to shield the individuals involved with running the company from exposure to lawsuits and other legal problems. A Limited Liability Company (LLC), for example, limits liability – that is the...
It makes sense that anyone to whom you might owe money would be legally entitled to take some steps to recover that money. It also makes sense to most people that there are some limitations on what entities can do to recover money owed to them. Businesses, the...
Tax law is complicated for everyone involved, and perhaps the most complicated aspect of all the process of tax litigation is the appeals process. If you have been audited or have been through Tax Court with an unfavorable decision, it will be helpful for you to...
You have received the "Notice of Deficiency" from the IRS that there was some kind of deficiency or discrepancy in your recent tax audit. This letter gives the recipient 90 days to file a petition to contest the audit’s findings. If the petition is not submitted...
You might have a generous heart, willing and able to support those in need. Perhaps you have items cluttering your home and want to donate them to create space. You gift money to your loved ones at the end of the year. Or, maybe tax deductions are the impetus for your...