Financial News, Tips & More!
What Is IRS Letter LT-11 & Should You Be Worried?
If you’ve received IRS Letter LT-11, it’s natural to feel a wave of panic. No one likes getting mail from the IRS, especially when it’s a Final Notice of Intent to Levy. That phrase alone is enough to send anyone’s stress levels through the roof. But before you assume the...
What Tax Law Changes Will Impact Me in 2025?
The top 10 federal tax law changes for 2025 include updates to deductions, tax brackets, credits, and more—but are these changes really as beneficial as they seem? While many adjustments are framed as efforts to simplify the system or provide relief, it’s always worth examining...
How long is the California Franchise Tax Board collection statute?
What is the California Franchise Tax Board Collection Statute on Personal Income Taxes? The California Franchise Tax Board collection statute is generally 20 years. This 20-year timeframe begins on the date the tax liability is finalized. For many taxpayers, this date is tied...
What is the IRS Collection Statute on Unpaid Taxes and What Can Pause It?
Learn about the IRS Collection Statute of Limitations for unpaid taxes and discover key factors that can pause or extend the statute. Get helpful insights and expert guidance.
Can the IRS Remove Penalties and Interest?
Can the IRS Abate Penalties and Interest? Here’s What You Need to Know Yes, the IRS can abate penalties and interest under specific circumstances, providing much-needed relief to taxpayers who meet certain criteria. However, understanding when and how this relief is granted is...
Does the IRS Use Private Debt Collectors?
Yes. he IRS, tasked with collecting taxes and enforcing tax laws, has turned to private debt collectors to assist with certain tax debts. This move has stirred debate, with some questioning the IRS's intentions. Let's dive deeper into the two main reasons the IRS cites for...
What Does Someone Who Hasn’t Done their Taxes Need to Know?
If someone hasn't filed their taxes, they need to know that it's crucial to file as soon as possible to minimize penalties and interest. Delaying further can result in failure-to-file and failure-to-pay penalties, along with accruing interest on unpaid taxes. If they cannot pay...
What is FinCEN Beneficial Ownership Reporting?
FinCEN Beneficial Ownership Reporting is a rule that intends to make financial dealings clearer and stops illegal activities like money laundering, funding terrorism, and avoiding taxes. This rule, required by the Corporate Transparency Act (CTA), became law in 2021 as part of...
Can a Taxpayer Use Bankruptcy to Stop the IRS?
In many cases, taxpayers can potentially use bankruptcy to stop IRS forced collection. Navigating the murky waters of tax debt can be daunting, especially when the IRS is involved. Fortunately, bankruptcy can be a lifeline for those struggling under the weight of tax...
Why did I get a CP503 or CP504 notice?
After a prolonged hiatus spanning more than two years due to the Covid-19 pandemic, the Internal Revenue Service (IRS) has begun issuing automated collection notices to taxpayers once again. This signals a potential wave of impending notices for overdue tax debts and demands...