Do you owe taxes because of the Employee Retention Credit? You’re not alone—and you’re not at fault. Thousands of businesses across the country are being hit with unexpected IRS audits, massive back-tax bills, and penalties after claiming the ERC—often through third-party...
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...
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...
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...
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...
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...
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...
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...
Very few people look forward to filing their income tax returns, but putting off this dreaded chore can lead to severe consequences that range from losing a refund to spending time behind bars. This article will cover what could happen if you don’t submit a tax return, explain...
Each new tax year, there are changes that affect you as a taxpayer. Sometimes, the advantages that you use to enjoy get scrapped off. In other times, new rules are introduced which may either lower or increase your tax bill. So, it’s up to you to ensure that you are brought up...