1. IRS Just Took My Payroll Funds!

    IRS Just Took My Payroll Funds! Whoa! This problem is an emergency. It needs a real solution, right now! (Or else employees won’t get paid.) This situation is called an “IRS Bank Levy”. IRS will use various forms of collection enforcement to collect unpaid federal tax. Done either by an IRS Revenue Officer or IRS’s automated system, a “Notice of Levy” is issued to your bank. This levy …Read More

  2. Handling IRS Audits – IRS Information Document Request (Form 4564)

    As a Certified Public Accountant, you may represent your clients in an IRS tax audit, and you need to know how to handle the IRS Information Document Request (IDR). It’s important to know that there are several different types of IDRs also known as Form 4564. More specifically, each IDR Form 4564 can be different per client due to the IRS requesting specific information per your clients’ tax s…Read More

  3. Handling IRS Audits – Unreasonable IRS Agents

    Dealing with an IRS Revenue Officer can be overwhelmingly intimidating — especially if one stops by your home or business for the first time unannounced. You may feel like your heart is racing. You’re confused. Frankly, it doesn’t make sense as to why the officer is at your door. As far as you’re concerned, you paid what you owed. Now, the anxiety you may be feeling due to this encounter i…Read More

  4. Handling IRS Audits – Mistakes On Return By Your CPA

    It’s common to assume that when you hire a Certified Public Accountant (CPA) that your taxes are going to be error free. In a large majority of cases, your taxes will be safe in the hands of a CPA. But what happens when you are notified of an error or you discover an error that costs you hundreds or thousands? In this article, Jeffrey Anton Collins, your tax consultant, will be sharing how to ha…Read More

  5. Handling IRS Audits – Employee vs Contractor Issues

    It is your responsibility as an employer to classify your workers, whether they’re an employee or independent contractor. These classifications determine how much you need to withhold as an employer. If you classify an individual as an employee, but you do not withhold and pay your proper employee taxes, the IRS will keep you on the hook for unpaid taxes. Did you know that the IRS assessed 5.9 m…Read More

  6. IRS Uses Private Debt Collection Agencies – Are My Clients Affected?

    IRS Uses Private Debt Collection Agencies – Are My Clients Affected? Beginning in 2016, IRS is allowed to assign a person’s tax debt to a private company for collection. Oddly enough, this fairly new law is both tax law and transportation legislation, namely, the “Fixing America’s Surface Transportation Act” (or “FAST”). The idea was to facilitate an expedited collection of tax, to e…Read More

  7. IRS Uses Private Debt Collection Agencies – Are My Clients Affected?

    IRS Uses Private Debt Collection Agencies – Are My Clients Affected? Beginning in 2016, IRS is allowed to assign a person’s tax debt to a private company for collection. Oddly enough, this fairly new law is both tax law and transportation legislation, namely, the “Fixing America’s Surface Transportation Act” (or FAST). The idea was to facilitate an expedited collection of tax, to expedit…Read More

  8. IRS Secrets About Criminal Tax Investigations

    How the IRS treats criminal tax investigations may seem like a secret. In fact, how they go about their process is public knowledge, which you can find on their website under How Criminal Investigations Are Initiated. For your benefit, we wanted to go through the IRS information and give you some insight on how it works, revealing the “secret” that is the IRS. In this post, we’ll cover crimi…Read More

  9. IRS Audits for Cash Intensive Businesses: Part 1 – Minimum Income Probes

    What does an IRS Revenue Agent look for when auditing a cash-intensive business? The short answer is this: correct gross receipts and reasonable accuracy of deducted expenses. But this article focuses more specifically on how IRS examines for unreported cash. You will want to understand that the IRS tax audit process is not set in stone, even though it follows a general path each time. A number of…Read More

  10. Don’t Fight The IRS Alone

    You’ve received a letter in the mail, and it’s got your name on it — along with some specific claims about tax liabilities. What do you do? Some people fold up the letter, tear it in half, and throw it in the trash. Others check to see who it’s from, discovering that the Internal Revenue Service sent the note. A majority of people simply panic. And rightfully so. When the IRS says you owe …Read More