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Receiving a notice from the IRS can be unsettling, especially when it involves a balance due. A CP501 notice is the IRS’s way of informing a taxpayer about an outstanding amount owed. While it is not an immediate threat, it does require timely attention. It is...
When people turn in their income tax returns, they’re often worried about getting audited. They may know that they tried to do everything correctly, so there was no intent to defraud the government. However, they’re still worried that they may have made errors. How...
If your business is planning to sell a property or piece of real estate, then it’s important to make sure you are up to date with your taxes. Otherwise, you could waste time and effort putting it on the market and lining up a buyer only to find you cannot go ahead...
A Statutory Notice of Deficiency (SNOD) isn’t something that most taxpayers want to receive from the IRS. Such a notice shouldn’t come as a complete surprise unless a person has relocated or been away from home for some time. The IRS only sends a SNOD after sending...
If you’re facing outstanding debt with the IRS, you may be looking into options to resolve it. At first, the IRS will simply ask you to pay the back taxes. However, if the amount is significant, you may not be able to afford a one-time payment. There are other options...
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...
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....
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...