The amount you must pay in taxes depends largely on the amount of your income.  It can be reduced by how many personal itemized deductions you can claim or by your business’ expense deductions.  But another way to reduce your taxes is if you determine that any of the income you have received qualifies as nontaxable income. When you receive money for goods or services you provide, it is considered income.  Income is Read More

Keeping a close eye on your business’s tax status is crucial in the fast-paced world of American commerce. Falling behind on taxes, even if done unintentionally, can cripple even the most successful companies. You may believe you’re operating at full capacity, only to discover you’ve missed several key tax deadlines and are now facing significant financial strain. Recognizing the early signs of tax trouble can help Read More

People panic when dealing with the Internal Revenue Service. It can feel like your financial world is at risk, and you want to urgently remedy whatever issue is at hand. We understand this because we work with taxpayers every day to help them get out of trouble with the IRS. In some cases, though, the IRS shows a lot less urgency than the taxpayer does. You get a notice from the IRS and have a Revenue Officer looking Read More

As Americans attempt to navigate often crippling debt situations, bankruptcy is often a last-resort consideration. We regularly consult with clients who are burdened with excessive tax debt who are debating whether or not bankruptcy is their best avenue to get out of trouble with the IRS. Ultimately, it depends on the type of tax debt you have. Not all taxes are dischargeable by bankruptcy. Whether you’re pursuing Read More

Being in debt to the Internal Revenue Service (IRS) often feels defeating. You are left feeling helpless with no options to resolve your debt or get back in good financial standing. We’re here to assure you there are always options and opportunities to resolve your debt in a manner that allows you to move forward with integrity and confidence. Consulting an experienced tax attorney allows you to equip yourself with Read More

Facing an Internal Revenue Service (IRS) debt is often daunting and stressful, with many people fearing the consequences of non-payment without knowing what potential punishments are incoming. While the repercussions often involve fines or wage garnishment, a less frequent but still significant impact is on passport status. The IRS, being a part of the federal government, has the ability to work with the State Read More

When faced with a request from the IRS, particularly Form 9297, it's understandable to feel a mix of confusion and concern. This form is sent out by a revenue officer who is requesting specific documents or information from you by a specific date.  If you fail to comply, the consequence is typically an IRS levy on your bank accounts. While receiving such a request feels daunting, it's important to remember that Read More

Receiving Form 725-B from the IRS signals an important moment in your financial circumstance that requires your immediate attention. This form is an indication that the IRS intends to meet with you in person, a shift from their previous approach of unannounced visits. Understanding how to handle this situation properly is crucial in maintaining your standing with the IRS and protecting your financial future. What Read More

In tax law, the distinction between a legitimate business and a hobby is critical, particularly regarding tax deductions. The Internal Revenue Service (IRS) rigorously examines businesses that consistently report losses, potentially categorizing them under "hobby loss" rules. This classification carries significant tax implications, especially for high-income individuals who engage in side businesses with the Read More

For businesses that kept their employees on payroll even while struggling to stay afloat during the COVID-19 pandemic, the Employee Retention Credit (ERC) can help them even as they continue to recover from a decline in business. However, some ERC companies led businesses to believe that they were entitled to the credit when in fact they were not. If a business does not qualify for the ERC based on a decline in its Read More