Why You Need a Tax Lawyer for Penalty Reduction
Why You Need a Tax Lawyer for Penalty Reduction A potential client once asked us if a tax attorney could help reduce your IRS penalties. The answer is they absolutely can. The IRS assesses taxpayers over $40 million in penalties each year. The most common penalties are for late payment, filing, or tax return…
Extended Tax Deadline to July 31, 2023 (Storm Tax Relief in AR)
Extended Tax Deadline to July 31, 2023 (Storm Tax Relief in AR) For many, this year’s April 18, 2023 tax filing deadline has been extended. See the list below. This extension applies to Arkansas’ storm 2023 victims affected by the tornadoes and severe storms, occurring on March 31. Particularly, the tax extension is…
How to Settle Tax Debts From Gambling Winnings
How to Settle Tax Debts From Gambling Winnings First Basic: Did You Correctly Calculate Your Gambling Income? Many casual gamblers overstate their taxable income from gambling. A lot of taxpayers ask, “Are gambling losses deductible?” Part of the calculation for taxes on gambling is the amount of itemized deductions allowed. In many cases,…
Don’t Let IRS Block Your Passport!
Don’t Let IRS Block your Passport! (True Story) You have some control over whether your passport travel will be stopped, even if you owe a large amount of IRS taxes. IRS can (and often does) block the issuance or renewal of U.S. Passports for people with “Seriously Delinquent Federal Tax Debt.” That…
Tax Law Offices Receives BBB Complaint Free Award!
Tax Law Offices Receives BBB Complaint Free Award! Tax Law Offices once again reached an annual milestone – the BBB Complaint Free Award for 2022. This honor is awarded to those companies that show the highest level of customer care in avoiding complaints through the Better Business Bureau (BBB). At Tax Law…
How to Handle IRS Audit Notice CP2000
How to Handle IRS Audit Notice CP2000 If you receive an IRS Notice CP2000, what do you do next? An IRS Notice CP2000 means that you are under IRS audit and should be handled seriously and urgently. Remember, being audited can expose you to legal and financial risk. Here is a list…
IRS Notice CP2000 – Am I Being Audited?
IRS Notice CP2000 – Am I Being Audited? Have you received an IRS Notice CP2000? What does it mean? Keep reading to find out what you need to know. One of our attorneys was on a call with a client who received an IRS Notice CP2000. Before hiring Tax Law Offices, she called…
6 Red Flags That Can Trigger an IRS Audit
6 Red Flags That Can Trigger an IRS Audit The thought of having their tax return audited by the IRS is a huge fear of many Americans. Realistically, the odds of being audited are pretty low. Still, have you ever wondered what causes some tax returns to be audited and not others? …
IRS Offer-In-Compromise -The Number 1 Mistake Homeowners Make
IRS Offer-In-Compromise -The Number 1 Mistake Homeowners Make You have heard the saying, “there’s no place like home.” But what if you are trying to do an Offer-In-Compromise with the IRS and you have a lot of equity in your home? You want to protect that equity, right? In these situations, you may be…
Can IRS Tax My PPP Loan?
Can IRS Tax My PPP Loan? Business Owners – Did you know Paycheck Protection Loan forgiveness may not always be tax-free? Here are three things you need to know. #1 If you had a legitimate business in operation by February 15th, 2020, and took out a PPP Loan, your loan is eligible for…