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….
Can You Hide from the IRS in Another Country?
Can You Hide from the IRS in Another Country? Sometimes a person can get into so much trouble with the IRS that they end up owing hundreds of thousands or maybe even millions of dollars in unpaid taxes. Maybe it was in personal taxes or maybe they owned a business and didn’t pay…
Form 1040 Cryptocurrency Question – How to Get It Right
Form 1040 Cryptocurrency Question – How to Get It Right If you invest in cryptocurrency, this is information you MUST know for this tax season. The IRS is going to be closely watching those who deal in cryptocurrencies. Filing an incorrect tax return can result in an audit, so you need to ensure…
3 Top Tips – Handling IRS $600 Venmo-CashApp Rule
3 Top Tips – Handling IRS $600 Venmo-CashApp Rule For most of us, $600 is not a life-changing amount of money. But, now, with IRS’s new rule – it could be. As of January 1st, 2022, if you receive more than $600 from payment apps such as Venmo, CashApp, or Zelle, it will…
Your IRS Tax Debt Has an Expiration Date – What You Need to Know
Your IRS Tax Debt Has an Expiration Date – What You Need to Know Did you know that the debt you owe the IRS has an expiration date? It’s true! The IRS only has ten years to collect the tax debt by law. After that time, they must stop their debt collection efforts….
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? …
How Long Can IRS Collect Tax Debt?
How Long Can IRS Collect Tax Debt? Potential clients often ask: How long can IRS collect this tax from me? This is our Morning Coffee Series, and we’re going to answer that question. How long can the IRS collect tax liability? Generally speaking, the IRS can collect tax for ten…
Guaranteed IRS Payment Plan for Freelance Gig Workers
Guaranteed IRS Payment Plan for Freelance Gig Workers Gig workers’ earnings are reported on Form 1099. Because there are typically no taxes withheld, it is common among these workers to have tax debt or related problems. Sometimes their IRS tax liability can be substantial, sometime incredible! Gig workers are those individuals that consider themselves self-employed…
Tax Law Offices: What to Expect During COVID-19
Tax Law Offices: What to Expect During COVID-19 A lot has changed over the recent weeks. At Tax Law Offices, we are still here for you, just as before. Here’s the IRS business you should know right now: 1) IRS has not frozen direct debit payments during COVID-19. IRS will continue to debit payments from…
Is Federal Lien a Threat of Levy?
Is Federal Lien a Threat of Levy? If you receive an IRS tax lien, do you have to worry about an IRS tax levy? Here’s a quick summary of what you should do. Why Do I Even Have a Federal Tax Lien? When the IRS has been alerted that the liability will not be fully…