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The United States Internal Revenue Service (IRS) will open up tax filing for the 2024 tax year on January 27, 2025. While this comes with trepidation for some filers, others may find that knowing what to expect in this filing season helps to reduce the stress they’re...
Those who have a significant amount of debt may consider using bankruptcy. They want to eliminate their debts or consolidate them into a repayment plan. Top causes for bankruptcy include issues like credit card debt or medical debt. But what if you owe back taxes? You...
When you have problems with the Internal Revenue Service (IRS), it’s never easy. However, when you find yourself owing more taxes than you can pay at once, the IRS does offer some forms of relief. One such option is a “guaranteed installment agreement.” It’s one of...
The Internal Revenue Service (IRS) usually sends taxpayers notices and letters to provide an update or remind them to take a particular action. The CP259 notice is one of them. You will receive this notice when the IRS requires you to file a business tax return for...
When the IRS issues a Statutory Notice of Deficiency, commonly known as a 90-Day Letter, taxpayers face a critical juncture in their financial lives. This document is not just another piece of mail to be filed away; it demands immediate attention and careful action....
Individuals and businesses that make an income must pay taxes. Generally, tax returns are expected by the IRS in April every year. Nonetheless, as a tax-paying business, there are several specific dates that you need to remember. Here is what you should know. W-2...
It’s very common for people to worry about making mistakes on their taxes. Whether you are filing for personal reasons or as a small business owner who is filing on their own, you may be concerned that an error is going to open the door for criminal charges. You worry...
Yes, the IRS has the authority to take money directly from your bank account, but this process is typically a last resort and involves several steps. The IRS can issue a bank levy if you owe back taxes and have not made arrangements to pay. Here’s how it works. What...
It can certainly be a difficult situation if the IRS conducts an audit and determines that you owe a significant amount in back taxes. You may have to pay fines or fees, along with the tax debt that you already owe. If this debt is very high, then you may want to...
Disagreeing with a government office over a tax assessment can feel like a David and Goliath scenario that is impossible to overcome. Taking a structured approach to the situation can help you plan your next steps and rationally address the issue. Here is a guide to...