Have you ever had a bad day or week and fantasized about moving to another country? It’d be great to just leave your bills and problems behind and start a new life abroad in those moments, right? However, at least one bill will follow you across the globe: your U.S. tax bill. Yes, that’s right. […]
Did you know that unfiled tax returns can cost a taxpayer jail time? Filing tax returns and paying taxes have been a part of American culture for hundreds of years. Benjamin Franklin said it best in his letter to French scientist Jean-Baptiste Le Roy in 1789. He wrote, “Our new Constitution is now established, everything […]
An IRS wage garnishment is the last thing we want to happen to our hard-earned paychecks. But the IRS has the right to notify your employer of your delinquent tax debt. They can also direct them to withhold some of your earnings. Due to this capability, the best way to avoid a wage garnishment is […]
The IRS neatly describes an IRS audit as “a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct.” This statement is clear; however, it certainly leaves many questions unanswered. Let’s take a look […]
It’s probably fair to assume that business owners don’t start companies for the enjoyment of withholding taxes from employees. Collecting trust fund taxes is just one of the many mundane tasks that employers are obliged to take on. Nonetheless, many employers find themselves staring down an expensive Trust Fund Recovery Penalty if they don’t. […]
Most people prefer to avoid trouble with the IRS and make sure to pay their tax bill on time. Sometimes, happenings beyond our control can prevent this from occurring. Often, this is because the IRS sends the bill to the wrong address or the funds simply aren’t available. This can be due to a job […]
Owing back taxes is stressful, but few things are as stressful as getting a tax levy. First, it starts with a letter from the IRS that tells you they have your assets on their radar for seizure. We understand the alarm a levy notice causes. It’s one that often comes with many questions about the […]
GATHER ALL YOUR DOCUMENTS. To file your back taxes, you will need all of your tax documents. This includes your W-2's, 1099's, 1098's, receipts and any other documents that will affect the outcome of your taxes. If you are missing documents, such as past W-2's, 1099's and 1098's, you can request a transcript from the IRS. PREPARE […]
PAY YOUR TAX BILL. If you receive a bill from the IRS, pay the bill as soon as you can, this is will save you money. If you are unable pay it in full, you should pay as much as you can to reduce the interest and penalties charged for late payment. GET A SHORT-TERM EXTENSION […]
In an article posted Accounting Today, the IRS has issued yet another scam: The Internal Revenue Service issued a warning Wednesday to taxpayers and tax professionals about a new email scam targeting Hotmail users in which the thieves try to steal personal and financial information.The phishing email has a subject line saying, “Internal Revenue Service Email […]
