The weather is getting colder and signs of the holiday season have arrived. But besides spending more time with family and friends, now is the time to think about taxes. The following is a list of tax strategies to make the most of 2021 and prepare for the 2022 tax year.
Continue reading “End of Year Tax Planning Guide for 2021”
One of the reasons why tax debts are so challenging for taxpayers is because they’re so difficult to get rid of. They often can’t be discharged during bankruptcy. Then there’s the ability of the IRS or the California Franchise Tax Board (FTB) to place liens on the taxpayer’s property and garnish wages.
Continue reading “Settling Your Tax Debt with an Offer in Compromise”
The IRS is one of the most persistent and effective debt collection organizations. There are plenty of reasons to explain why, but two major reasons have to do with its ability to place a tax lien or levy on a taxpayer’s property.
Continue reading “IRS Tax Liens and Levies: What’s New This Year”
They say two inevitable things in life are death and taxes. But that’s an incomplete expression as it leaves out another mainstay of life: scammers.
Continue reading “Scammers Never Sleep: Tax Scams Continue Year-Round”
Few things instill fear or frustration like getting audited by the IRS or the California Franchise Tax Board. These are understandable emotions, but they can sometimes lead to decisions that aren’t the wisest.
Continue reading “Tax Audits: Why You Need to Talk to a Tax Attorney First”
Tax scams are nothing new. They’ve been around for a while and will continue for the foreseeable future. The only thing that will change is how scam artists run these cons.
In 2021, the IRS saw some new scams, many of which have some relation to the coronavirus. In this blog post, we’ll take a look at a few of these scams, including how they work and how to identify them.
Continue reading “2021 Tax Scams to Watch Out For”
Tax debts are some of the hardest debts to deal with. There are several reasons for this, such as special treatment during bankruptcy proceedings and the fact that it’s the government trying to collect the debt.
However, another major challenge is that government taxing authorities, such as the Internal Revenue Service (IRS) and the State of California Franchise Tax Board (FTB), can use liens and levies to help collect tax debts.
Continue reading “How to Remove Tax Liens and Levies?”
Running a business isn’t easy. One of the biggest challenges businesses face is managing their expenses, including tax liabilities. Part of the process of handling a business’s tax obligations is the preparation and filing of a business tax return. But what happens if a business doesn’t file a tax return on time or makes a mistake on the return? And should it even matter if the business doesn’t owe any taxes?
Continue reading “What Happens When You Fail to File Your Business Tax Returns?”
Getting audited by the IRS is becoming rare. In 2018, the IRS audited about 0.5% of returns filed. This is a 42% reduction from the audits conducted in 2010 and about 66% less than the number of audits from about 50 years ago.
Continue reading “2021 Tax Audit Trends”
The economic impact of the coronavirus cannot be understated. Realizing the financial toll it was taking on Americans, the IRS implemented the People First Initiative in March 2020.
Continue reading “Tax Liens, Levies and COVID?”