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East Coast Tax Consulting Blog

2Jan

How to Stop an IRS Levy

By |January 2nd, 2019|Categories: Installment Agreement, Tax Levy, Tax Problem Help|

When you’re faced with tax debt that you do not have the ability to pay in full, you should ideally contact the IRS to apprise them of your situation and work out a payment plan. However, if you do not work out payment arrangements with the IRS, or you default on your payment agreement, the IRS may begin to take increasingly hostile collections actions against you.

26Dec

An Overview of IRS Audit Appeals

By |December 26th, 2018|Categories: IRS Appeals, IRS Audit, Tax Returns|

Let’s say that you have just received the results of an IRS audit and they are not favorable. The auditor has assessed additional back taxes,  and now, you are on the hook for additional interest and penalties as well. Do you have any recourse against these findings?

21Dec

Five Last-Minute Tax Savings Strategies

By |December 21st, 2018|Categories: Tax Deductions, Tax Planning, Tax Tips|

Just a reminder that the last day you can make a tax-deductible purchase, pay a tax-deductible expense, or make tax-deductible charitable contributions for 2018 is Dec. 31. Every taxpayer’s situation is unique, and the suggestions offered here may or may not apply to you.

19Dec

What Happens if You Default on Your Installment Agreement With the IRS?

By |December 19th, 2018|Categories: Boca Raton, Installment Agreement|

The IRS installment agreement program provides a lifeline to taxpayers who owe back taxes and are unable to pay them all at once. If you set up a payment plan, the IRS will cease enforced collection activities while you pay your taxes in monthly installments over a period of time.

12Dec

Do You Qualify for IRS Currently Not Collectible Status?

By |December 12th, 2018|Categories: Back Taxes|

The Currently Not Collectible (CNC) program is an IRS program designed to provide relief from collection activities for taxpayers who would encounter undue financial hardship if they had to pay their tax debt. The IRS requires you to provide information relating to your income, expenses and assets.

7Dec

Claiming Disaster Losses

By |December 7th, 2018|Categories: Casualty Losses|

The recent tax law changes eliminated the deduction for personal casualty losses for tax years 2018 through 2025, but did retain a deduction for losses within a federally declared disaster area. As a result of the wild fires in the west, hurricanes and flooding in the east, we’ve had a number of presidentially declared disaster areas this year.

5Dec

Discharging Tax Debts Through Bankruptcy

By |December 5th, 2018|Categories: Bankruptcy|

For many individuals struggling with overwhelming debt, bankruptcy can be an attractive option that allows the individual to start over with a “blank slate,” as it were. However, not all debts can be discharged through bankruptcy, and some are easier to discharge than others.

28Nov

How to Avoid an IRS Audit

By |November 28th, 2018|Categories: IRS Audit|

IRS audits have been on the decline in recent years as a result of the reduction in IRS enforcement personnel. According to the IRS’s 2017 Data Book, the IRS audited just over 900,000 individual tax returns, or about 0.6%, of all tax returns filed in calendar year 2016.

23Nov

Start Your 2018 Year-End Business Tax Planning

By |November 23rd, 2018|Categories: Boca Raton, Tax Planning, Tax Reform|

As I’m sure you’re aware, the Tax Cuts and Jobs Act of 2017 (TCJA) was enacted at the end of last year. It’s the largest tax overhaul since the 1986 Tax Reform Act and will affect almost every business in the United States. In light of all the changes that took effect this year, it’s time for year-end business tax planning.

21Nov

How the IRS Collection Process Works

By |November 21st, 2018|Categories: IRS Collections, Tax Levy|

You’ve filed your tax return with a balance due and are unable to pay and are unsure what you should do next. Well, within a short period of time after receiving your return, the IRS  will begin its automated collection process. Here’s how it works.

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