The Internal Revenue Service (IRS) has a number of tools to gain payment. A taxpayer that is accused of failing to meet his or her tax obligations could become the victim of one of these tools. Examples include a levy, garnishment, lien, seizure or other collection...
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I got a letter from the IRS. What now?
There are pieces of mail that bring joy and others that bring a bit of fear. Likely one of the most common examples of a letter that would result in concern to the recipient is a letter from the Internal Revenue Service (IRS).Why would the IRS send a letter? There are...
Should you use self-directed IRAs for your business?
As a business owner, you already understand the importance of building wealth. While many are building wealth through traditional means (i.e. Roth IRAs, 401k plans), most are unfamiliar with the concept of self-directed IRAs. Moreover, they don't know how a...
What businesses should know about tax deductions
With December coming next week, the holiday season will be in full swing and businesses of all sizes will be solicited by charitable organizations for donations. The proverbial benefits to making these types of donations are that a needy group will benefit, and the...
Congress to modify IRS asset seizure laws
Tax reform appears poised to be the number one topic of debate this fall in Congress, but before the debates begin, the House of Representatives recently approved a bill that would curtail, in part, the IRS’ power to seize personal property.The new measure stems...
Key tips for National Preparedness Month
The recent natural disasters in Texas and Florida are unfortunate reminders of why we should take National Preparedness Month Seriously. Indeed, Southern California is not likely to be affected by a hurricane, but earthquakes and wildfires remain real dangers. As part...
When you get the non-filing letter from the IRS
The IRS expects everyone to file an annual tax return, on Form 1040, 1040A or 1040EZ. If they have no record of receiving one of these forms from you, they will let you know with a Verification of Non-Filing Letter. This letter explains that they never received a...
Can captive insurance get you in trouble with the IRS?
With all the advertising produced by major insurers such as Allstate, Progressive and State Farm, you probably will never hear such commercials about captive insurance policies. Captive insurance, as its name suggests, refers to insurance policies that are created and...
Did the IRS allow improper tax credits last year?
In a number of our posts we highlighted how private debt collectors would be dispatched to collect on dormant taxes as a result of the PATH legislation. It was created to generate and divert tax revenue for infrastructure projects. In addition to new collection...
IRS using private companies for debt collection
The IRS frequently provides notice about potential scams that may be directed at taxpayers. They want people to know exactly what sorts of tricks are being used to obtain sensitive information from individuals.In many cases, the scammers pretend to work with the IRS...