Currency Transaction Reports: Has One Been Filed on You?

Plenty of otherwise innocent people are unaware that some of their large deposits or withdrawals to or from their bank are discreetly flagged in what is called a Currency Transaction Report (CTR). This report is completed by employees of financial institutions when cash transactions of $10,000 or more pass through the institution in some capacity. It also applies to transactions involving other negotiable instruments Read More

Owe Back Taxes?  Considering Bankruptcy?  Consider These Three Alternatives First

Many people who are facing overwhelming debt and struggling to make ends meet are aware that bankruptcy may be a way out.  Bankruptcy can be an effective solution, but it can have serious consequences and should only be taken as a last step. Bankruptcy may be your best option, especially if you have substantial consumer debt.  But bankruptcy will not always solve a person’s tax problems.  Certain types of back Read More

Innocent Spouse Relief

Generally, “my spouse did it; I’m innocent!” is not a great excuse to use in everyday life for obvious reasons. However, in cases where your spouse (or former spouse) is responsible for filing an erroneous tax return, a defense called “innocent spouse relief” can save you from the taxes, penalties, fees, and interest that are attributable to your spouse. Whether your spouse filed an incomplete tax return, Read More

Tax-Related Issues Businesses May Face in Coming Months (or Weeks)

The COVID-19 pandemic, stay-at-home orders, and subsequent economic downturn has so many small businesses holding on for dear life. Unfortunately, many have already shuttered. While our firm’s focus is on helping individuals and companies resolve tax-related issues with the IRS, we want to keep entrepreneurs aware of some issues they may face in the near future. We have outlined some potential problems Read More

Ordinary and Necessary Business Expenses Explained

In these turbulent and difficult economic circumstances, nearly every business owner is leaving no stone unturned looking for ways to save money. Federal laws passed such as the Families First Coronavirus Response Act and the CARES Act contain numerous provisions that aim to help out individuals and businesses alike.  As an entrepreneur, you can also strive to make sure that you are using every tax-saving method Read More

IRS Response To Covid-19

Do you owe back taxes to the IRS?  Are you working to resolve your matter with an IRS payment plan or settlement?  Are you facing IRS collection actions such as garnishments and levies?  Are you one of the many people who are facing financial hardship due to the current COVID-19 pandemic?  If so, you may be wondering if the IRS will give you a break during this time of national crisis and staggering unemployment Read More

Mistakes the IRS Can Make

If you have ever made an error on a tax return, you know first-hand how interested the IRS will become in ensuring that you rectify the situation. Sometimes, however, the shoe is on the other foot. When the IRS does make the occasional mistake with a taxpayer, it can turn into a headache that doesn’t resolve in a timely manner. To help you understand your obligations and rights as a taxpayer, we have outlined a few Read More

What You Need to Know About the July 15 Tax Deadline & COVID-19 Stimulus Payments

COVID-19 has changed life in the U.S. and stalled the economy.  Businesses are closed and people are forced to “stay-at-home” in order to keep everyone safe.  No wonder that Congress and the IRS have taken measures to help those people who have been impacted.  Two of these measures are the IRS’ postponement of Tax Day and the COVID-19 Stimulus Payments. On March 21, 2020, just two days after the IRS extended the Read More

Common Reporting Mistakes Made with Offshore Bank Accounts

U.S. citizens and permanent residents engage in financial activity overseas for a variety of reasons. Despite the stigma surrounding offshore bank accounts and other assets held overseas, they are completely legal and not exclusively used by the ultra-wealthy for tax evasion. Sometimes, citizens might have familial or other personal connections to individuals in foreign countries and want to keep an account Read More

The Advantages (and Disadvantages) of IRS Installment Agreements

Do you owe back taxes to the IRS? If so, you’re not alone. According to a recent report, an estimated 1 in 5 people who file returns for 2019 expect to owe the IRS and last year 24% of the people who filed tax returns owed money to the IRS. Taxpayers who are unable to pay all the taxes they owe at the time of filing can be in for some nasty surprises. Unpaid taxes can come with big problems including wage Read More