Tax audits can be one of the most critical times where you want the expertise of a tax attorney.
There’s a cynical saying that goes something like this: “No good deed goes unpunished.” If you’re not familiar with it, it means that people who act kindly will often get punished for their acts of kindness. Whether this is true may be up for debate. What’s not up to debate is that subject to certain conditions, the IRS will gladly tax anyone for the gifts they give.
Continue reading “An Overview of the Gift Tax”
Whether motivated by economic and/or environmental reasons, state and federal governments often offer financial incentives to individuals and businesses to utilize clean energy. One of the biggest monetary tools for promoting clean energy is through the use of energy tax credits.
Continue reading “An Overview of IRS and California Energy Tax Credits”
If you’re a parent who regularly files income tax returns to the IRS, you’re probably already aware (and taking advantage of) the Child Tax Credit. But did you know there’s another tax credit you might be able to take advantage of if you’re a parent?
Continue reading “The Child and Dependent Care Credit: What You Need to Know if You’re a Parent”
Getting in trouble with the IRS is not a fun experience. If you’re lucky, the only thing you’ll lose is your time (and maybe a little sanity). If you’re unlucky, you might have to pay some hefty monetary penalties to the IRS for unpaid taxes. In this blog post, we’ll examine why you might have to pay a penalty to the IRS. We’ll also look at ways to avoid having to pay tax penalties.
Continue reading “An Overview of IRS Tax Penalties”
When you file a return with the IRS, you have to include more than just your name. You also need to include a Taxpayer Identification Number, or TIN. But many of you reading this right now are probably thinking, “I usually just put my Social Security number (SSN) or Employer Identification Number (EIN), so what’s a TIN?”
Continue reading “TIN Versus EIN – All About Tax ID Numbers”
The vast majority of taxpayers try to file an accurate tax return with the IRS. But sometimes, they realize they made a mistake in the tax filing. In other situations, circumstances change, so the previously filed return is no longer correct.
Continue reading “Should I File an Amended IRS Tax Return?”
Last month we discussed how to best survive an IRS tax audit. But wouldn’t it be nice to avoid the tax audit altogether? That’s the topic of this month’s blog post and in it, we’ll identify a few tips to prevent getting audited in the first place.
Continue reading “Tips for Avoiding an IRS Tax Audit”
If there’s one thing taxpayers in California hate more than paying taxes, it’s probably responding to a tax audit. And it’s not just the prospect of having to pay additional taxes or penalties that’s the scary part. Instead, it’s providing documents and other information requested by the IRS or the California Franchise Tax Board (FTB). Not only is it a major hassle and inconvenience, but it can be confusing as well. So it’s understandable that anyone subject to a tax audit might wonder if getting outside help is a good idea.
Continue reading “Tax Audits: Why Hire a Tax Attorney?”
The tax laws and regulations in the U.S. can be confusing and frustrating at times. On occasion, this will result in taxpayers getting into trouble with the IRS. But not all disputes or tax questions require the help of a tax attorney. This blog post will examine situations when hiring a tax lawyer might be useful and the reasons for using a tax lawyer’s services.
Continue reading “When and Why You Need to Hire a Tax Attorney”
The IRS is making a few changes as of late. Some of the most prominent ones involve increased efforts in collecting unpaid taxes. While the IRS is always working to find ways to increase its tax collection efforts, two recent trends focus on asking taxpayers to report income from cryptocurrencies and increasing audits.
Continue reading “IRS Trends: Audits and Cryptocurrencies”