Author: Tax Consultants
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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Innocent Spouse Rule
(Important Info to Not be Hindered By Your Spouse’s Tax Debts) The vast majority of married couples file their federal taxes jointly. The joint filing of taxes is actually encouraged by the tax by providing certain benefits and advantages to joint filers, as opposed to a married couple that opts to file separately. However, a […]
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How To Stop a Tax Levy from the IRS
If you receive a tax levy notice from the IRS on your property, do notfret. A tax levy notice is not irrevocable. In fact, the IRS possesses the discretionary authority to affirmatively release you from the tax levy. Factors Considered in Releasing a Tax Levy The IRS may consider releasing you from the tax levy […]
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What Happens If You Fail to Make an Installment Payment to the IRS?
When someone owes back taxes to the IRS, it is quite common that they lack the available funds to pay the debt in full. Hence, the Internal Revenue Service (IRS) routinely agrees to an installment payment plan for people who owes back taxes. When an installment plan is agreed upon, the IRS allows you to […]
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Obtaining “Currently Not Collectible” Status for IRS Tax Debt Relief
There are instances where you agree you owe money to the Internal Revenue Service (IRS), but you simply lack the funds to pay the amount owed. If you find yourself in this situation, do not give up hope. You have options. For example, if the IRS determines that you are unable to pay both your […]
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Struggling with Debt? You’re Not Alone
If you are feeling anxious and stressed about an excessive amount of consumer debt or you owe a tremendous amount of tax debt to the IRS, it is important to keep things in perspective and understand that you are not alone. In addition to millions of Americans carrying some form of debt, the federal government […]
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Red Flags That May Trigger an IRS Egg Shell Audit or Criminal Tax Investigation
If the IRS suspects serious fraud has occurred, or is occurring, it is possible an eggshell audit or criminal tax investigation could be triggered that results in criminal charges being brought against you. While some IRS audits are random, many more are the product of an IRS agent running statistical diagnostic software applied to the […]
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