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How to Handle IRS Audit Notice CP2000

By J Anton Collins / February 14, 2023

 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…

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IRS Offer-In-Compromise -The Number 1 Mistake Homeowners Make

By J Anton Collins / January 17, 2023

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…

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Can IRS Tax My PPP Loan?

By J Anton Collins / December 27, 2022

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…

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Happy Holidays!!

By J Anton Collins / December 20, 2022

Happy Holidays!!   With so much focus on our Tax Matters practice, sometimes we forget just to stop to say THANK YOU!   You have been a part of our year, no matter whether you’re a client, business owner, fellow accountant, or fellow lawyer. Our Tax Law Offices have enjoyed helping solve IRS tax problems for you and…

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3 Things to Know If You Get Paid Cash Under the Table

By J Anton Collins / October 12, 2022

3 Things to Know If You Get Paid Cash Under the Table   Getting paid under the table may seem like a win-win situation. You don’t have to keep track of your income, and even better, you don’t have to report your income to the IRS. If you don’t report your income, then you don’t…

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Will Student Loan Forgiveness Affect Your Taxes?

By J Anton Collins / September 6, 2022

Will Student Loan Forgiveness Affect Your Taxes?   Right now, everyone is talking about the Student Loan Forgiveness Plan. For most, it is welcome assistance in the face of overwhelming student loan bills. However, many haven’t thought about how this plan could affect their tax bill.   So now the question is: Will student loan…

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Tax Debt Lawyer Verbiage and What It Means

By Margaret Sharemet / May 20, 2021

When it comes to tax debt, surrounding either you or your business, it can be extremely overwhelming to know where to begin. From discussing the legalities and hiring a lawyer to implementing and doing your own research, there are many terms that can pop up that you might not know. Today, we’re going to be…

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Can I Deduct Business Expenses Paid With a PPP Loan?

By madwire / March 19, 2021

Can I Deduct Business Expenses Paid With a PPP Loan?   Yes, you can tax deduct those expenses, even if the loan was forgiven.   Congress has allowed the Paycheck Protection Program borrowers to deduct expenses paid with the loan. Most PPP loan borrowers used the program funds to pay wages, payroll tax expenses, utilities,…

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What Does IRS Consider in Assessing the Trust Fund Penalty?

By madwire / June 30, 2020

When taxes are taken out of an employee’s paycheck, they should be immediately paid over to the IRS and state tax departments. Those paycheck withholdings are collectively referred to as the “trust fund” taxes.    One of IRS’s greatest priorities is the collection of paycheck withholdings that were never paid to the government. In doing…

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3 Ways The IRS Can Disrupt Your Life

By madwire / September 27, 2018

You’re already struggling through life. The last thing you need is the IRS on your back about back taxes. It’s uncomfortable getting a letter in the mail from a faceless entity telling you that they will collect on the money you owe if you don’t pay them. It seems too awful to be true. At…

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