Posts Tagged ‘IRS liens’

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability or doing so creates a financial hardship. We consider your unique set of facts and circumstances: We generally approve an offer in […]

Posted on April 11, 2022 in IRS

The Internal Revenue Service mainly uses lien foreclosures when it’s going after the primary residences of people with overdue tax debts, but taxpayers don’t get the same legal protections as they would enjoy under the seizure process, according to a new report. The report, released last week by the Treasury Inspector General for Tax Administration, […]

Posted on March 23, 2022 in IRS

Internal Revenue Service Commissioner Charles Rettig pledged to do more to improve taxpayer service after Congress approved a $675 million funding increase. “Taxpayer service remains the most significant IRS priority, and we have implemented many new, innovative strategies in an effort to improve our overall level of service and processing of our unprecedented current and […]

Posted on December 1, 2021 in IRS

The year 2021 has been a tumultuous one for tax professionals, with continuing pandemic-related developments as well as new legislation, regulations, court decisions and IRS pronouncements. While the major developments are familiar to most, there are some that might have been missed due to the busy nature of the profession during the past year.Below are […]

Posted on November 19, 2021 in IRS

The Internal Revenue Service posted a series of videos to explain how taxpayers can steer clear of scammers who claim to be able to help them with their tax debts while charging exorbitant fees and making outrageous claims.  We have all seen advertisements on TV and elsewhere for these scammers.  They are usually not lawyers or […]

Posted on October 13, 2021 in IRS

The Internal Revenue Service is inundated with the volume of returns yet to be processed and phone calls for assistance, and is working hard to remedy the situation. While there are many factors contributing to this, it is overwhelming to the agency, according to Stephen Mankowski, tax chair of the National Conference of CPA Practitioners, […]

Posted on August 19, 2021 in IRS

Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. You’ll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits. Choose carefully. […]

Posted on June 10, 2021 in IRS

Many people are afraid of IRS audits — and maybe even going to jail if they make a major mistake. In fact, fear of an IRS audit is one of the main reasons that people strive to file timely and accurate tax returns each year. But here’s the reality: Very few taxpayers go to jail […]

Posted on May 5, 2021 in IRS

Tax practitioners are facing an increase in compliance efforts and controversies not only in the U.S. but worldwide, according to observers. “It started several years ago, and then slowed down because of COVID,” said Sharon Katz-Pearlman, head of global tax dispute resolution and controversy at KPMG International, and the national principal-in-charge of its Tax Dispute […]

Posted on March 16, 2021 in IRS

The Internal Revenue Service has failed to collect more than $2.4 billion from wealthy individuals who owe the federal government back taxes, according to a Treasury Department watchdog report. Auditors were only able to recoup about 39 percent of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with […]