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
Advantages and Disadvantages of Using a Tax Resolution Professional to Solve IRS Taxes
Nothing can strike fear into the heart of a small business owner or other citizen like being contacted by the Internal Revenue Service. This tax agency enjoys powers not granted to many other parts of the government. Unlike those other government agencies, the IRS can garnish your wages, freeze your bank accounts and seize your property. So, you cannot simply do nothing if the IRS contacts you or your business about Read More
The 5 Most Common Causes for an IRS Audit
Getting audited by the IRS is something everyone hopes they never have to go through. Even though audits are relatively rare for most people, it’s important to make sure you do everything you can to ensure that it doesn’t happen to you. Luckily, there are a lot of things you can do to lessen your chances of getting audited. Below we take a look at some of the most common causes for an IRS audit. 1. Failing to Read More
How to Reduce Your Chances of an IRS Audit
The IRS can perform an audit of your taxes for a variety of reasons; sometimes it’s at random and other times it’s because of something specific on your tax return that isn’t matching up. Regardless of the reason, the idea of facing an IRS audit can be daunting—not only because it means you need to deal with more federal formalities, but also because it might mean that you did something wrong for which you could be Read More
Facing an IRS Audit? Take These 3 Steps Immediately
Whenever you file your taxes, there is always that part of you that worries about getting audited. This is particularly true if you run a business, because your tax returns are often much more involved and require much more detail than if you are single person who only needs to file a 1040-EZ. So what should you do if you receive the dreaded audit notice from the IRS? What can you do to look better to the IRS during Read More
What Does it Mean if the IRS Selects Me for an Audit?
The IRS has three years to audit tax returns. This means that you might not be in the clear even if it’s been a few years since you filed a tax return and you haven’t heard from the IRS. Generally, the IRS will audit an account if it finds a significant understatement of income. If it does, then it could look back even further than three years, though not by more than six. But what do you do if the IRS selects you Read More
How Do I Remove a Federal Tax Lien on My Property?
A federal tax lien is where the government has a legal claim against your property because you did not pay a tax debt. The purpose of the lien is to protect the government’s interest in all your property, including real estate, personal property, and financial assets. Tax liens are created automatically once the IRS assesses your tax liability, sends you a bill that explains what you owe, and you fail or refuse to Read More
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
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
