Author: Tax Consultants
Understanding the Interplay Between Bankruptcy and IRS Tax Debt
When someone reaches a point where they are bogged down with so much debt, including IRS tax debt, that they can barely afford making minimum payments to service the debt, it may be time to consider filing for bankruptcy. If you are in this position, you may be wondering whether filing for bankruptcy will enable […]
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IRS and Unemployment Fraud Has Run Rampant in 2020
This has led to the loss of billions of taxpayer dollars and the swamping of IRS agents with ‘scam’ tax returns. To establish tax refunds and unemployment claims, valid tax returns must be submitted. Changing laws and a lack of some oversight has had the unfortunate effect of taxpayers either not receiving their returns, or […]
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Intermediate Tax Debt Relief is Now Extended Even Further
Tangling with any tax debt owed to the IRS is always complex even when societal issues are not present. The IRS itself, because of Covid-19 restrictions in 2019 and 2020 found itself backlogged with not only 2019 returns, but also an influx of new 2020 returns. For the most part, IRS agents and state tax […]
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Can Bankruptcy Provide Tax Debt Relief?
Many people mistakenly believe that tax debt and other tax liens are not dischargeable in bankruptcy. This is a complete misconception (and one that the Internal Revenue Service probably enjoys perpetuating). When it comes to getting tax debt relief through bankruptcy, there are a myriad of technical rules and regulations that must be followed, but […]
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How Federal Tax Liens Can Impact Your Homebuying Experience
Purchasing a home can be a stressful experience for many people, especially when it comes to qualifying for financing, securing a mortgage, deciding how much of your hard-earned money to put down, the inspection of the home, etc. Adding the anxiety associated with a looming tax lien only exacerbates the level of stress and uncertainty […]
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IRS Expands Tax Debt Relief Options to Help Taxpayers (Corona Virus Edition)
The Coronavirus pandemic has impacted virtually all facets of society and the global economy. The federal government has taken steps to provide aid to individuals and small business owners through multiple pieces of legislation, including the CARES Act of 2020 and the American Rescue Plan of 2021. Following suit, the Internal Revenue Service announced various […]
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When Do You Need a Tax Professional?
There are over 62,600 tax preparers in the U.S. alone. They help you navigate through all the overly complex codes that regulate how and when you need to file. Hiring someone to do your taxes may seem unnecessary if you have plenty of free time and a simple return, but it’s helpful if your situation […]
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What Is an Offer in Compromise With the IRS?
Recent IRS data shows that Americans owe $131 billion in back taxes, penalties, and interest. That’s an incredible number, and it illustrates how easy it is to fall behind. When you fall behind, it’s even easier for your back taxes to snowball out of control. The notices are too easy to ignore, but that’s not […]
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Staying Compliant with FBAR (Report of Foreign Bank and Financial Accounts)
If you have an account with a financial institution based in a foreign country if, for any calendar year, the aggregate value of your foreign accounts exceeds $10,000 at any time during the year, you are required to complete an annual report to the IRS. This is because an account based in a foreign country […]
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Common Red Flags That Could Trigger an IRS Tax Audit
Many taxpayers are curious about what types of deductions, credits, or other tax filings actually wind up triggering the IRS to initiate an audit. Well, you may be surprised to learn that the red flags identified by the IRS that trigger an audit are the product of computer software. Specifically, the IRS uses a program […]
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