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The IRS uses a wide variety of tax forms, and they apply to filers in different ways. The forms used by an individual filer are much different than corporate forms, for example. One form that you may come across is known as a 1040-X. What is the purpose of this form,...
Getting any letter from the IRS can feel overwhelming. When that letter is a CP3219A, it is especially serious. This notice, also called a Statutory Notice of Deficiency, means the IRS plans to assess additional taxes, and they are giving you a limited chance to...
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...
When taxpayers owe money to the IRS, they may struggle to pay the full amount that is due by the deadline at issue. Fortunately, the IRS offers short-term and long-term payment extensions to help individuals and businesses manage their tax debt. Choosing the right...
It’s often suggested to structure your withholding so that you do not owe anything to the IRS or get a large tax refund. However, most family’s tax situations are in constant flux, and it can be hard to determine how much to have withheld from their paycheck. At some...
When addressing your taxes, the IRS may send you certain forms or notices. One of these is the CP2000 form. It’s important to know why you would get this and what it means moving forward. First and foremost, this is a notice for underreported income. It essentially...
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...