If you owe back taxes to the IRS, you may be wondering what actions they can take to collect the money from you. The truth is, the IRS has a wide range of options when it comes to collecting back taxes and they are not afraid to use them. To…
Have you received a notice from the IRS regarding a tax debt? If so, you may be wondering what your next steps should be. One of the best ways to resolve your tax debt is through an IRS tax settlement. Let’s take a closer look at what tax settlements are,…
We often meet with taxpayers that would like to have their tax problems solved with an offer in compromise. While an offer in compromise is an excellent way for qualified taxpayers to settle back tax debt for much less than what they owe, there are various reasons why an offer…
If you owe taxes to the Internal Revenue Service, you are probably already aware that they are going to be aggressive when trying to collect. That said, it is important to be proactive and find ways to get the tax debt problem solved and the IRS paid. The Boca Raton…
When you take advantage of the tax law’s offset game, your stock market portfolio can represent opportunities to reduce your 2022 income taxes. The tax code contains the basic rules to follow, and once you know the rules, you can apply the correct strategies. Here’s the basic strategy: Avoid the…
The IRS allows taxpayers with a clean compliance record to request first-time penalty relief under the First Time Abate (FTA) policy. FTA covers penalties such as Failure to File (FTF), Failure to Pay (FTP), and Failure to Deposit (FTD). While this relief is referred to as a “first-time” waiver, the…
Have you seen those ads on television or received email solicitations promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the COVID pandemic…
Working with the IRS has never been easy, and tax settlement agreements are always complicated affairs. If you are currently working to pay off your tax debt, you may wonder what the recently passed ‘Inflation Reduction Act of 2022’ has in store for you. There has been a lot of…
Filing your taxes is never a fun thing to do, but if you don’t file a return you can expect the IRS will come calling. They have the authority to file a return on your behalf, with results that typically are in their best interest, not yours. They have powerful…
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS is providing penalty relief to most people and businesses who file or filed certain 2019 or 2020 returns late. This includes nearly 1.6 million taxpayers who will automatically receive more than $1.2 billion in refunds or credits. It is…