How to Know if You Have Been Contacted by a Scammer Scammers are everywhere you look. Charity scams. COVID loan scams. Student or mortgage loan relief scams. And, of course, tax scams. You would be a very rare bird indeed – or Rip Van Winkle, if you haven’t encountered one of these scams. So how … [Read more...]
Better Keep Those Tax Records Handy
Don't Be Too Quick to Toss Old Tax Records I was asked to assist with an appeal of an IRS examination of a real estate investor. One of the big issues was that the IRS denied $500k in losses from prior years outside the audit. In case you are curious, the taxpayer was hit hard, like most people, … [Read more...]
Big News! IRS Offers Penalty Relief for 2019 and 2020
Big News: IRS Provides Late-Filing Penalty Relief to Taxpayers In a big win for taxpayers, the IRS is providing penalty relief for tax years 2019 and 2020. The best part for you, if you qualify, is that you do not need to do anything to obtain relief. The IRS is going to review accounts that may … [Read more...]
IRS Installment Agreements – Types of Installment Agreements
IRS Installment Agreements – Types of Installment Agreements In our last blog post, we talked about IRS installment agreements. Just to recap, an IRS installment agreement is a monthly payment plan to pay taxes, interest, and penalties over time to the Internal Revenue Service. When you set up an … [Read more...]
IRS Installment Agreements – Is it Right for You?
IRS Installment Agreements – Is it Right for You? Often taxpayers in trouble are unable to pay what they owe immediately. So, what do you do? Luckily, there are ways to break down payments into something more manageable. The IRS offers payment plans that allows the delinquent taxpayer to pay what … [Read more...]
When to Use a “Doubt as to Liability” Offer in Compromise
But I Don’t Owe This! When to Use a “Doubt as to Liability” Offer in Compromise It may sound to good to be true, but if you feel you do not owe some part of your tax debt, you can raise your concerns to the IRS. This is called a doubt as to liability offer in compromise. Let’s first take a step … [Read more...]
Confidential informants and whistleblowing: Making Money by helping the IRS!
Confidential informants and whistleblowing: Making Money by helping the IRS! What is the IRS Whistleblower Program? Believe it or not, the IRS has a program set up to reward taxpayers who to inform the IRS about other taxpayer’s tax fraud or tax evasion. That’s right! Called the IRS … [Read more...]
Married Filing Separately- Here’s What You Need to Know
Married Filing Separately- Here’s What You Need to Know Marriage can bring about the merging of responsibilities for a couple including combining accounts and assets. However, couples may find that some “separation” might be the best bet for them. This can be true in the case of filing taxes. … [Read more...]
Innocent Spouse Relief- A Deeper Look
Innocent Spouse Relief- The Program This month, we will close our discussion on innocent spouse relief. In my first post on the subject, I gave a broad outline and talked about how to sever the joint tax liability between you and your spouse. In the last post, I walked through what qualifies for … [Read more...]
Innocent Spouse Relief – What is Required?
Innocent Spouse Relief - What is Required? In my previous post, I discussed innocent spouse relief in broad outlines. In this post, I explain what are the foundational requirements. Innocent spouse relief is not granted merely for convenience or a matter of equity between two married (or … [Read more...]
