Planning Ahead for Next Tax Season

We’re right in the middle of tax season, and we’ve already covered tax filing tips for small businesses, and some myths about the IRS audit process. But while we’re in this tax season, it’s important to know that the decisions you’re making today will have an impact on how your taxes look next year. “Tax season” can be misleading because it puts a specific timeframe on when a lot of people are looking at their Read More

Reminders For Individuals Filing Taxes

Filing your taxes can be one of the most difficult things you do all year. For some, it is as simple as plugging in a W-2 and calling it a day. For others, especially those surviving off of tips and freelance work, it is much more complicated and intricate. It is a process that tends to reward those who are organized - and leave those who are not-so-put-together pulling out their hair. As you work on filing your Read More

Reminders For Small Businesses Filing Taxes

Tax filing season can be hectic for small businesses. It is the time of the year when really dotting your I’s and crossing your T’s will pay off massively. It is the time of the year when having your records compiled and accessible will help you in a huge way - and not having them close by will cost you time and effort. What should small businesses be focused on as they go through their tax filing process? Here are Read More

4 More Myths About IRS Audits

When it comes to taxes, there are few things that people worry about more than getting audited. While an audit by the IRS is absolutely a serious event that needs to be addressed properly, it is not the nightmare that many people make it out to be. Learning about common myths and misconceptions related to IRS audits can help you to put any anxieties you have aside and just deal with the situation Read More

A Refresher for Section 179 Deductions

When your business is purchasing equipment, it is important to determine how you will be depreciating it for tax purposes. There are a number of different options that allow you to take the tax benefits up front in the year you purchase it, or they can be spread out over a number of years. Understanding all of your options will help you to make the right decision based on your company needs. The specific details of Read More

Going to Tax Court? Here’s What to Expect

Court is a scary word to many people. The U.S. Tax Court, however, doesn’t send taxpayers to jail or place them on probation. You won’t have to worry about posting bail or paying huge fees. The U.S. Tax Court is where taxpayers (individuals or businesses) may settle questions about income tax imposed by the IRS. This Court is not directly affiliated with the IRS—you don’t have to worry about playing in the IRS’s Read More

Frustrated with the IRS? Try the Taxpayer Advocate Service

Anyone who’s interacted with the IRS lately knows how poorly things are going with the agency—taxpayers can’t seem to get a human being on the other side of the phone. Some of these frustrating delays are due to forces outside the agency’s control, like the pandemic and a shrinking budget, but that doesn’t make taxpayers’ situations any more palatable. Inattention from the IRS can be more than just frustrating for Read More

You CAN Record Your Interview with the IRS. Should You?

Even though meetings with your IRS auditor or revenue office are not criminal interrogations, it can certainly feel that way. As a result, many taxpayers consider recording any meetings they have with IRS representatives.  The Internal Revenue Code allows taxpayers to record in-person interviews if they meet certain conditions prior to the meeting. These conditions include:  Requesting, in writing, to record Read More

Struggling with Tax Debts Because of COVID-19?

We recently published a blog detailing the immense difficulty taxpayers have had in reaching an actual human being at the IRS. Years of budget cuts caught up with the federal agency as the pandemic produced a backlog of returns and requests.  The IRS provided a number of relief options in the early part of 2020, including moving the reporting deadline from April 15 to July 15. Most of those relief options expired, Read More

The 500 Series Notices From the IRS Are Back in Mailboxes

The dreaded 500 series the IRS mails out to taxpayers with outstanding balances is back after a COVID-related hiatus. Taxpayers whose IRS debts fall under the purview of the agency’s Automated Collection Service will typically receive three CP500 letters before the IRS gets aggressive.  The first letter in the series, CP501, is a completely benign letter. The CP501 lets taxpayers know they have unpaid federal Read More