Payroll Taxes: 5 Common Mistakes for Businesses to Avoid

For many business owners, payroll taxes come with the cost of running a company and are an unavoidable task each year. However, there are ways to make your life easier, and there are mistakes that can make the process that much harder. Let’s examine 5 of the most common mistakes that you can easily avoid:   Filing payroll taxes late - While it might not seem like missing the deadline for payroll taxes is Read More

Understanding Innocent Spouse Relief

Married couples get to enjoy a lot of key benefits when they file their tax return jointly, and it can even be a contributing factor as to why people decide to make their union legal in the first place. However, when one spouse decides to keep financial information from the other and misrepresents their situation when filing their taxes, needless to say, it creates a lot of problems. If you suddenly find yourself Read More

4 Factors an IRS Appeals Officer Considers During a Hearing

Owing money to the IRS can be a tough pill to swallow, but what can be even more challenging is the idea that they think you owe money when you actually don’t or when the IRS tries to collect the money from you unfairly without following its own administrative procedures.  If you’ve received a notification from the IRS that you have a debt to pay, or if the IRS has filed a Notice of Federal Tax Lien against you or Read More

A Step-by-Step Guide to the IRS Appeals Process

When you’ve worked diligently to complete your taxes and are satisfied with the results, it can be a shock to receive notification from the IRS stating that you actually owe more than you thought! If this occurs and you are absolutely sure that the IRS is incorrect in their calculations, you can choose to appeal their decision. The process to appeal isn’t complex, but must be followed correctly for the best Read More

Drawing Unwanted Attention: 8 Red Flags That May Trigger an IRS Audit

Two words often strike fear in the hearts of tax paying individuals: IRS audit. It’s often perceived that an audit is completely random, but in reality there are several red flags that trigger the IRS to take a second look. Keep in mind that these issues do not necessarily guarantee an audit, but rather might increase your chances. It’s never a good idea to falsify information to avoid these items, so it’s best to be Read More

Piercing the Corporate Veil: When the IRS Can Seize Personal Assets to Cover Business Tax Liabilities

Small business owners often put their blood, sweat, and tears into making sure their company remains operational and successful. Sometimes it isn’t enough, and the company has to close. When this happens, owners might be under the impression that they aren’t responsible for their unpaid business debts, but that’s not always true. Having a business isn’t a free pass to acquire debt and then not pay it off or Read More

Understanding Spousal Tax Liability

When married couples file taxes, there are a few assumptions that are naturally made by both parties. You assume that the information on your paperwork is accurate for both of you, and that all of your income during the year is represented on your return. It’s also a given that, as a couple filing jointly, both of you will be responsible for paying any tax due. But what if your spouse does something without your Read More

An Introduction to the IRS’ “Currently-Not-Collectible” Tax Program

Tax time is certainly looked at as one of people’s least favorite times of the year. While it’s a headache for some, it can be truly stressful and upsetting for others. Imagine living paycheck to paycheck, barely able to make ends meet, and then finding out you owe the IRS thousands of dollars. A situation like this might seem hopeless, but there is a light at the end of the tunnel. The IRS has created a program for Read More

A Brief Q&A on U.S. Tax Court

For most Americans, filing their taxes with the IRS each year is a straightforward process that ends once the amount of taxes owed to the government is paid. However, some taxpayers become engaged in a dispute with the IRS when they are notified that they owe much larger amounts of taxes than what their own calculations represent. When a dispute arises with the IRS, taxpayers have the option of presenting their case Read More

The IRS Isn’t Perfect: 5 Ways the IRS Can Incorrectly Determine Tax Liability

We often think of the IRS as an ominous entity who is out to take as much of our money as they can. However, despite our frustration with this important government entity, we still tend to take their statements and determinations at face value without question, when in reality the IRS is run by people just like you and me who are very capable of human error. The IRS can most certainly make mistakes, and although it Read More