Taxpayers often want to know how long the IRS has to audit and assess additional tax on their tax returns. For taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.
If you’re a small business owner you may have experienced unpaid payroll tax problems at one time or another. Once you fall behind in making your payroll tax deposits it can be difficult to catch-up.
The IRS has the authority to enter into payment plans with taxpayers who owe back taxes. In a effort to streamline the processing of these agreements the IRS continues to test expanded criteria for taxpayers requesting installment agreements.
This is part 2 of a 2-part series on the proposed Tax Cuts & Jobs Act and generally covers the provisions applying to small businesses and self-employed taxpayers.
This is Part 1 of 2 in a series on the proposed Tax Cuts and Jobs Act. This part covers the provisions that apply to individual taxpayers. Part 2 covers the small-business provisions.
When borrowing money taxpayers often ask if the interest will be tax deductible. The answer to the question can be complicated and you’ll learn that not all interest you pay is deductible. The rules for deducting interest depend on whether you use the loan proceeds for personal, investment, or business purposes.
Some taxpayers who come to us seeking an IRS tax settlement also owe state income taxes. Each state has its own rules and regulations to resolve back taxes. For those taxpayers who have Georgia tax problems, you should know that Georgia has an Offer-in-Compromise (‘OIC”) Program that allows you to reach a tax settlement for an amount less than what you owe.
Many tax penalties are substantial and can significantly increase the amount you owe the IRS. Penalties can be assessed for various reasons, with some resulting from a taxpayer’s carelessness, overstatement of deductions, failing to report income, or procrastination.
The National Taxpayer Advocate (NTA) Nina Olson released her mid-year report to Congress. It presents a review of the 2017 filing season and identifies the top issues the Taxpayer Advocate Service (TAS) will address during the upcoming year.
In April, the IRS began mailing letters to a small group of taxpayers whose past due tax accounts are being assigned to one of four private collection agencies. The program will expand to thousands of other taxpayers later in the spring and summer.