For many high-income individuals and business owners, charitable giving is about more than simply supporting causes they care about. In the right circumstances, charitable planning can also become an important part of a broader tax strategy. One tool that has become...
IRS Tax Help
What Is IRS Form 668 and How Do You Stop a Levy?
What Is IRS Form 668 and How Do You Stop an IRS Levy? If you just opened the mail and saw IRS Form 668, you’re probably asking, “What is this and how do I make it stop?” In plain terms, Form 668 is the IRS’s tool to collect a tax debt directly from your wages, bank account, or...
How Long Can the IRS Collect Taxes From Me?
If you owe back taxes or have had tax problems hanging over your head for a while, you’ve probably found yourself wondering: how long can the IRS actually chase me for money? Is there a time limit, or can they come after me forever? How long can the IRS collect taxes from me?...
Facing an ERC Tax Problem? What Every Business Owner Needs to Know
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...
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 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.
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 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 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...