Cryptocurrency has gone mainstream. Once seen as an esoteric investing fad, currencies like bitcoin and dogecoin are as ubiquitous in the marketplace as tech stocks and Treasury bonds. But as crypto has attracted more novice investors, this burgeoning new market has led to a host of tax complexities, and federal regulators have their sights set […]

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 […]

IRS Warns about Fake Tax Notice Scam The Internal Revenue Service is alerting tax professionals and taxpayers alike about a new scam involving fake CP2000 notices that are being sent to unsuspecting taxpayers, billing them for unpaid taxes related to the Affordable Care Act. The IRS is issuing the alert in conjunction with its partners […]

Fresh Start Installment Agreements You can make monthly payments through an installment agreement if you’re not financially able to pay your tax debt immediately. However, you will reduce or eliminate a number of penalties and interest you pay and avoid the fee associated with setting up an installment agreement if you pay your tax bill […]

Estimated Taxes Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You also may have to pay estimated tax if the amount of income tax being withheld from your […]

An offer in compromise is an agreement between a taxpayer and the IRS that settles and resolves the taxpayer’s tax debt. The IRS has the authority to settle, or “compromise,” federal tax liabilities by accepting less than full payment under certain circumstances. A tax debt can be legally compromised for one of the following reasons: […]

A taxpayer can appeal most collection actions. If the request for appeal is timely, in most cases, all collection activity will stop during the appeals process.  The main options for appeals are the following: Collection Due Process (CDP) The purpose of a Collection Due Process hearing is to review collection actions that were taken or […]

My client and Mr. X purchased an automobile repair shop, which they owned 50/50. Initially, Mr. X ran the business. My client was the signatory on the company checking account, but signed few checks and was generally not kept apprised of business matters. Suddenly, Mr. X disappeared.  A few weeks later, he was arrested in […]

While life can get in the way and cause you to miss filing timely tax returns, the IRS is notoriously unsympathetic when it comes to money they allege you owe. While filing late or having a backlog of unfiled returns can seem overwhelming, following these steps can protect you and your assets. If the filing […]

IRS Fresh Start Program Helps Taxpayers Who Owe the IRS The IRS Fresh Start program makes it easier for taxpayers to pay back taxes and avoid tax liens. Even small business taxpayers may benefit from Fresh Start. Here are three important features of the Fresh Start program: Tax Liens.The Fresh Start program increased the amount […]