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The Corporate Transparency Act (CTA) is a federal law requiring businesses to disclose specific ownership information to the US Financial Crimes Enforcement Network (FinCEN). The CTA filing requirements apply to corporations, LLCs, and partnerships, with exceptions...
IRS revenue officers are focused on tax collection. Unlike agents or examiners who handle tax audits, revenue officers are not accountants or CPAs and often lack advanced financial knowledge. A more accurate title would be “IRS collection agent.”Taxpayers often...
A Substitute for Return (SFR) refers to a tax return that the Internal Revenue Service (IRS) files on behalf of a taxpayer who has failed to submit their own return. The IRS uses available information, such as W-2s, 1099s, and other such income reported on documents,...
A seizure is the most severe collection action that the IRS can take. It involves the IRS taking possession of the taxpayer's property, which can include real estate, personal property, and financial assets. The property is then sold, and the proceeds are used to...
Getting audited by the IRS is scary-I get it. I want to help you feel prepared and less stressed about it. Let me walk you through what happens in an income tax audit, what can trigger one, and what strategies will help you prepare the best defense. I'll also explain...
If you’ve received a Notice of Deficiency from the IRS, it’s crucial to understand what it means and how to respond. This formal notice indicates that the IRS believes you owe more taxes than you’ve reported. Ignoring this notice could lead to serious consequences, so...
What is Tax Evasion? Tax evasion happens when someone deliberately takes steps to hide income or avoid paying taxes. It’s important to distinguish between tax evasion and a simple error. For example, if you deduct a dinner with your spouse as a business expense,...
Automatic Stay Upon Filing The moment you file for bankruptcy, an automatic stay goes into effect. This immediate action halts any collection efforts from creditors, including the IRS. They must stop wage garnishments, levies, and any other actions they were about to...
The United States Tax Court is not part of the Department of the Treasury, which oversees the IRS. Instead, it is an independent judicial body where taxpayers can dispute the IRS’s decisions before paying the disputed amount. Tax Court decisions can be appealed to the...
'Currently Not Collectible' (CNC) status refers to a temporary pause in the active collection of a taxpayer's back tax liability. It is a status that the IRS assigns to a taxpayer's account when it determines that the taxpayer cannot pay any of their tax debt without...
Wage garnishment is a legal procedure where a person's earnings are required by court order to be withheld by an employer for the payment of a debt (such as unpaid taxes). This article covers the intricacies of wage garnishment as a method of IRS collections, its...
Innocent Spouse Relief protects innocent spouses from being unjustly burdened with tax debts they did not incur. Innocent Spouse Relief allows a spouse to be relieved of responsibility for paying tax, interest, and penalties if their spouse (or former spouse)...
Penalty abatement refers to the reduction or removal of penalties imposed by the IRS. This article provides an in-depth explanation of penalty abatement, its various forms, eligibility criteria, the application process, and potential outcomes. Understanding IRS...
In the context of IRS collections, the Statute of limitations is typically 10 years from the date the tax is assessed. This means that the IRS has a 10-year window to collect on tax debts from the date of assessment. However, the collection period be extended...
The Collection Due Process Hearing, often abbreviated as CDP, is a crucial component of the Internal Revenue Service's (IRS) collection process. This hearing provides taxpayers with an opportunity to dispute or challenge the IRS's intent to levy or lien on their...
No one enjoys the process of filing and paying taxes. If you're self-employed, operate an LLC, or have a side hustle, you may carry the additional burden of paying estimated quarterly tax payments. The rules, regulations, and filing process can seem overwhelming, but...
Entrepreneurs often prefer an LLC business structure because it offers flexibility in management, protects owners from liability, offers significant tax benefits, and has less paperwork. Part of these benefits make it the better option than corporations requiring...
An Asset Purchase Agreement (APA), also referred to as an asset sale agreement or business purchase agreement, is a legal document that outlines the terms and conditions for the sale and purchase of an existing business or its assets. The APA you use should outline...
Are you facing a large tax bill without the ability to pay it in full? Did you fail to withhold enough from your paychecks to cover the amount due? Did your bookkeeper fail to make estimated tax payments? Whatever the reason you fell behind on your taxes, you can...