The IRS Shredded 30 Million Tax Returns – What Does This Mean For You?
The IRS Shredded 30 Million Tax Returns – What Does This Mean For You? An article last week in the Journal of Accountancy and a few other sources told us that IRS just shredded 30 million unprocessed tax returns. That’s 30 million. Now that’s not good news for those who filed those tax returns….
CAP Appeal (Form 9423) vs. CDP Hearing (Form 12153) – What to Know
CAP Appeal (Form 9423) vs. CDP Hearing (Form 12153) – What to Know Help with an IRS lien or levy problem starts here! Maybe you received a Notice of Intent to Levy, Notice of Federal Tax Lien. Or maybe had your wages or bank account garnished by the IRS. Or did an unreasonable…
Know Your Rights – What the IRS Can’t Take
Know Your Rights – What the IRS Can’t Take Every day we get a phone call from someone who is scared that the IRS will come and take everything they own from their house in the middle of the night. Today we’re going to talk about things that the IRS absolutely can NOT…
Cryptocurrency Savvy – Know What the IRS Knows
Cryptocurrency Savvy – Know What the IRS Knows Have you wondered what the government knows about your crypto transactions? If cryptocurrency investment is supposed to be encrypted and private, what does the IRS get to see? There are three main sources of information the government gets: 1.) Voluntarily provided data. This is…
Success Story – $300 Total IRS Solution!
Success Story – $300 Total IRS Solution! Today’s success story involves an Illinois couple who started working with Tax Law Offices in May 2021. The wife had recently retired. But this couple, humble and hard-working, owed over $67,000 to the IRS and really needed our help. Unfortunately, another firm had disappointed them before they…
Can I Deduct Business Expenses Paid With a PPP Loan?
Can I Deduct Business Expenses Paid With a PPP Loan? The Paycheck Protection Program (PPP) was introduced in March 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under PPP, small businesses were given up to 24 weeks of cash flow assistance through federally guaranteed loans. In December 2020, a…
What are the Payment Terms for IRS Offer-In-Compromise?
What are the payment terms for an IRS Offer-In-Compromise? If you’re filing an Offer-In-Compromise with the IRS, one question you have to ask is: How long do I have to pay the offer? This is our Morning Coffee Series, and we’re going to talk about that. How long can a…
Can I File an IRS Offer-in-Compromise If My Income Changes?
Can I File an IRS Offer-in-Compromise If My Income Changes? A business’s income changes all the time, and business owners want to know: Can they file an Offer-In-Compromise when there is a change in income? This is our Morning Coffee Series, and we’re going to talk about that. Can a business file…
How Gamblers Make an Offer in Compromise for Illinois State Taxes
What happens when frequent gamblers receive huge tax debts from their winnings? Learn more with Business Tax Settlement below. Why Are Gambling Taxes So High? Part of the reason why taxes on gambling is so high is that some states do not allow gambling expenses to be written off as itemized deductions. In that instance,…
Gambling Addiction for Reasonable Cause to Remove IRS Penalties
Gambling addicts may have a unique opportunity to remove IRS tax penalties. Income from gambling commonly results in unexpected (and often substantial) tax debt. To make matters worse, compounded penalties can put the payment of the tax debt out of reach for many Taxpayers. But if those penalties were reduced or eliminated, it gives many…