If someone gets audited, your immediately assumption would be that the individual in question is in trouble and will have to pay the IRS some extra money because of an inconsistency or error on their tax return. However, this isn't always the case. Sometimes, people...
Year: 2016
Tax implications of conducting business abroad
As a business owner, you take great pride in your ability to provide your clients with a high level of service.Regardless of your industry, if you own a business in the United States there may come a point when you find yourself conducting business in another part of...
Appeals are a critical part to tax law
When thinking about the Internal Revenue Service, many people think of a monolithic and powerful agency that can't be stopped. This is a gross exaggeration, but they definitely have a lot of power. Respecting this power is essential, but there are also many options...
Not filing your taxes can be disastrous
Maybe there's another world, another reality, where people can just not file their taxes to the Internal Revenue Service and everything works out just fine. But in our world, not filing your taxes is definitely a problem that will cause the non-filer to suffer many...
Dealing with back taxes and unpaid tax debt
It may feel like it's a long way off, but Tax Day 2017 is actually just around the corner. There will be many people that have to confront significant issues as the deadline approaches. Should they file for an extension? What should they do if they can't pay what the...
Appealing an IRS or state tax authority decision
There is no denying that paying taxes is part of life. It doesn't matter where you live or how much money you earn; it's almost guaranteed that you're required to pay your fair share.In addition to paying federal taxes to the IRS, you'll do the same on the state...
What is a tax lien and what can you do about it?
Imagine that you rack up some debt with a creditor, and as time goes by your creditor expects to be paid back. But after you fail to pay, the creditor grows tired of waiting and informs you that you must comply with the loan agreement. You still refuse to pay.Now, in...
Here’s how to proceed in the wake of an audit
Getting audited sounds as bad as it actually can be. The phrase "getting audited" will strike fear in the hearts of many, and once they actually go through with an audit, they will understand why it is such an abhorred process. However, once you get over this feeling...
Does the IRS always follow procedures for determining tax debt?
The IRS should always follow the same procedure for identifying delinquent taxpayers and determining the collectiblility of tax debt. Unfortunately, according to a recent report, this is not the case. According to the Treasury Inspector General for Tax Administration...
IRS has new strategy for collecting tax debt from nonfilers
The IRS loses billions of dollars every year in tax revenue from those who neglect to file tax returns. An audit was done by the Treasury Inspector General for Tax Administration (TIGTA) to determine if the IRS controls were effectively identifying and addressing...