The IRS is NOT adding 87,000 new ‘armed’ agents. Here’s what’s really going to happen

There has been quite a bit of confusion regarding both the context and likely results of the IRS’ recent monetary windfall. On August 16, 2022 President Biden signed into law the Inflation Reduction Act of 2022 which is designed to curb inflation by reducing the deficit, lower prescription drug prices, and invest into domestic energy production while promoting clean energy..  One item that received much Read More

Getting Your Finances Right Before the End of the Year

Don’t look now, but we’re already nearing the end of 2022. Another whirlwind year for many of us – reinforcing the importance of staying focused and taking care of what we can control. That’s precisely why we want to address a few year-end financial tasks you can knock out to set yourself up well for 2023. It’s important to make time for friends and families during the upcoming holiday season, so use this post as Read More

How Does Income Garnishment Work?

The IRS always gets what it’s owed, one way or another. If you owe back taxes to the IRS and you do not set up a payment plan with them, it’s likely that your wages will be garnished. When this happens, the IRS seizes a set amount of your income every pay period before it even hits your bank account. While this does take care of your debt, it can also leave you with little to get by on from check to check. Learn Read More

How Do I Know If My Business Is In Tax Trouble?

Checking in with your business finances on a regular basis can help you predict tax issues. You don’t want to get tangled up with the IRS or end up with financial problems so large that you cannot overcome them. While it can be humbling or even anxiety-inducing to take a hard look at the numbers, it should be a regular part of your to-do list. If you suspect you may already be facing tax issues, it’s time to talk Read More

Tax and Recordkeeping Tips for Businesses With Seasonal and Part-Time Employees

Some businesses see surges during different parts of the year while others may only be open during parts of the year. These businesses will hire seasonal employees to cover the limited time they are needed. Whether you’re hiring seasonal or part-time help during this time, it’s important to know the different recordkeeping and tax procedures that apply to these employees. We previously talked about recordkeeping Read More

Which Assets Are Protected From the IRS?

Taking on the Internal Revenue Service (IRS) can be scary. It’s a massive federal agency focused on making sure the government gets money out of you. When most people get a letter from the IRS, their first question is what it’s going to cost them. We hear from clients all the time wondering what valuable assets the IRS is going to come after when they owe money. It can feel like all your hard work is about to go Read More

How IRS Liens Impact Selling or Refinancing Your Home

Real estate and home buying can be stressful but fulfilling. Ultimately, you may purchase the house of your dreams just to later decide you either need to sell it to move elsewhere or to refinance your home to create more financial flexibility. These decisions are not to be taken for granted as the costs associated with each can get into the hundreds of thousands of dollars. When you have an IRS lien on your Read More

Joint Tax Liability and the Innocent Spouse Relief

The modern tax code places liability on both spouses. This means the Internal Revenue Service (IRS) will look at the tax failures of one spouse as a failure on both spouses. The IRS could expect both spouses to pay off the entire amount owed or simply split any owed taxes between the two spouses. This makes sense as married couples are often financially dependent on one another, but what happens if my spouse Read More

Understanding an Offer-in-Compromise Settlement

If you’re here, it’s likely because you’re familiar with what an offer-in-compromise is and what it can do for taxpayers who are facing a mountain of federal tax debt they don’t believe they can pay off. That’s essentially what the goal of this form of settlement is: take care of that extensive debt without having to pay the full amount. This can sound enticing, especially for those who are sick of the IRS Read More

Steps You Need to Take If You’re Being Audited by the IRS

If you receive notice from the Internal Revenue Service (IRS) that your taxes are being audited, the clock is ticking. You’ll have time to get everything in order to make sure you comply with the audit, but it’s important to act right away so you don’t get yourself in any unnecessary trouble. We want to walk you through some of the first steps you should take in the moments and days after you receive a Read More