Have you received an IRS notice or letter and are afraid to open it? Don’t worry; many of these letters can be resolved easily and painlessly. Every year, the IRS sends millions of letters and notices to taxpayers requesting payment of taxes, notifying them of a change to their tax account, or to request additional information.
We’ve previously written about a law enacted in December 2015 that authorizes the Secretary of State to deny the issuance or renewal of passports to “seriously delinquent” taxpayers. The purpose of the law is to use travel as a way to enforce tax collections.
Now that the 2017 tax filing season has arrived you may benefit from the following tax savings opportunity.
When you file your tax return late or pay late, the IRS charges you late filing and late payment penalties plus interest. If you fail to resolve your tax debt quickly, penalties and interest can easily grow to be a significant portion of the total amount owed to the IRS.
This is the final blog in our three part series discussing common mistakes made when submitting an Offer-in-Compromise. Retaining the services of a qualified tax resolution professional will help you avoid these errors.
In our previous blog we discussed the mistake of not considering the remaining statute of limitations on collections before filing your Offer-in-Compromise. Here we discuss mistakes made in calculating a taxpayer’s future income which is used in determining your Offer amount.
If you run your business as an S corporation, you’re probably both a shareholder and an employee. Therefore, the company should pay you a salary for the work you do for the business, which is subject to payroll taxes as well as income tax withholding.
The IRS recently announced a pilot program expanding the ability of taxpayers to qualify for Streamlined Installment Agreements. The test will be conducted through September 30, 2017.
In order for a rollover into a traditional IRA to be tax deferred, the funds must be deposited into the account within 60 days from the date of distribution from the prior retirement account.