Unreported income is a significant issue for the IRS. The agency estimates that the United States loses billions of dollars in tax revenue each year due to unreported income. Given the scale of this loss, it is not surprising that…
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Facing IRS back taxes can be overwhelming, but understanding your options and taking proactive steps can make the process more manageable. Many taxpayers have questions regarding tax relief for back taxes, the consequences of non-payment, and the best solution for…
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Generally, before the IRS can levy a taxpayer's assets, it must notify the taxpayer of their right to a Collection Due Process (CDP) hearing. The IRS Independent Office of Appeals conducts the hearing and allows taxpayers to propose alternatives to…
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When dealing with the IRS, understanding the rules and guidelines they follow can make a significant difference in how you manage your tax debt. One crucial set of guidelines to be aware of is the IRS Housing and Utilities Collection…
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This year, many businesses must comply with the Corporate Transparency Act (CTA), passed into law as part of the National Defense Authorization Act for Fiscal Year 2021. The CTA requires disclosing beneficial ownership information from individuals who own or control…
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The Offer in Compromise program (OIC) allows taxpayers to settle their tax debt with the Internal Revenue Service (IRS) for less than the total amount owed. While this can be a helpful option for those facing significant financial hardship, the…
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Taxpayers dealing with tax debt can feel overwhelmed and stressed, particularly with the IRS' threat of penalties, interest, and enforced collection. During these trying times, IRS debt relief firms become valuable partners, providing specialized services to assist taxpayers in navigating…
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Managing payroll taxes is a crucial responsibility for business owners. A key area of concern arises when payroll tax deposits are not made, as this can lead to the Trust Fund Penalty, also known as the Trust Fund Recovery Penalty…
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In recent years, the Internal Revenue Service (IRS) has employed private collection agencies (PCAs) to recover overdue tax debts. While this initiative aims to improve tax collection efficiency, it has also created opportunities for scammers to exploit taxpayers. Understanding how…
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Tax debt can significantly burden individuals and businesses, causing stress and financial instability. In Palm Beach, tax relief help is available to guide you through the complexities of resolving tax issues. Certified Public Accountants (CPAs) who specialize in tax relief…
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