Donations made to qualified organizations may help reduce the amount of tax you pay. The following are eight essential tips to help ensure your contributions pay off on your tax return. 1. If your goal is a legitimate tax deduction,…
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The IRS generally has ten (10) years to collect a tax debt. After that time has passed, the IRS can no longer legally collect the debt. The ten year period begins from the date that the tax was assessed, not…
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A 48-year-old Pennsylvania woman was sentenced March 1 to two years' probation for trying to obstruct the administration of IRS law, according to the U.S. Attorney's Office for the Middle District of Pennsylvania. The woman was also ordered to cooperate…
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All taxpayers are expected to immediately full pay their delinquent taxes. When this is not possible taxpayers may be permitted to pay their back taxes over a period of time. If a taxpayer is unable to make full payment of…
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The IRS has established a program that allows taxpayers to voluntarily reclassify independent contractors as employees and pay significantly reduced prior employment taxes (approximately 1% of one year's worth of compensation), with no penalties or interest. The voluntary classification settlement…
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Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital…
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Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that that transaction may mean a tax impact when they file their return. Here are 10…
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By law, you have the right to a CDP hearing by the IRS Office of Appeals if you receive one of the following notices: Notice of Federal Tax Lien Filing and Your Right to a Hearing under IRC 6320 Final…
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If you, your spouse or dependents had significant medical or dental costs in 2021, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses…
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Collection Financial Standards are used to help determine a taxpayer's ability to pay a delinquent tax liability when negotiating an Offer in Compromise and Installment agreement. Allowable living expenses include those expenses that meet the necessary expense test. The necessary…
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