Financial News, Tips & More!
How Do I Do an Offer in Compromise?
Although it is possible to handle an Offer In Compromise (OIC) independently, the most effective approach is to engage a tax professional for guidance every step of the way. This is crucial because numerous pitfalls can arise during the process. While stories abound of...
What Do You Do if You Owe the IRS over $50,000?
If you find yourself owing the Internal Revenue Service more than $50,000, it becomes crucial to proactively safeguard your personal interests before the IRS initiates enforced collection measures. Facing forced IRS collection can be daunting, including actions such as seizing...
What Does an IRS Revenue Officer or State Tax Compliance Officer Do?
A lot of people wonder about the role of an IRS Revenue Officer or a State Tax Compliance Officer. Revenue Officers are the ones tasked with collecting overdue taxes, investigating tax non-compliance, negotiating with taxpayers, and taking enforcement actions. Whether it's at...
What is the IRS Billing and Collection Process?
What is the IRS billing and collection process? Navigating the IRS billing and collection process can be an intimidating experience, often perceived as a daunting bureaucratic maze. However, understanding the intricacies of this process can empower you to make informed...
What Do I Do When I Owe Taxes?
When you owe taxes, it's crucial to take proactive and responsible steps to address the situation. Ignoring it can lead to penalties and interest piling up over time. Start by thoroughly reviewing your tax return for accuracy and ensure you've claimed all applicable deductions...
What are the New Mandatory Ownership Reporting Requirements?
Under the Corporate Transparency Act, businesses are mandated to disclose detailed information about their beneficial ownership. The term "beneficial ownership" refers to the individuals who ultimately benefit from or control a legal entity, shedding light on previously...
What Do I Do if I Don’t Have My Records Showing Gambling Losses?
If you lost your gambling records, you can reconstruct them following very specific guidelines laid out by the government. When you're in a situation where you can't find your gambling records (or maybe never had them to begin with!), dealing with the taxes for both your wins...
How Long Does Innocent Spouse Processing Take? Unveiling the Timelines and Tactics!
The processing time for IRS Innocent Spouse Relief claims can vary due to several mitigating factors, but according to the IRS, can “take up to 6 months or longer.” Understanding taxes can be tough, especially when it comes to shared money and tax liabilities. Worse yet,...
What Impact Will the IRS Budget Have On The Next Decade?
In August 2021, the Congressional Budget Office (CBO) delved into proposals to bolster the budget of the Internal Revenue Service (IRS) by a staggering $79.41 billion over the next decade, spanning from 2022 to 2031. According to the CBO's optimistic estimation, such a...
How to Write a Reasonable Cause Letter to the California FTB
When writing a reasonable cause letter to get a tax penalty refund from the California Franchise Tax Board (FTB), you must explain why you could not meet your tax obligation on time and back it up with verifiable documentation. However, you must pay the full amount of taxes you...