Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital…
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Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that that transaction may mean a tax impact when they file their return. Here are 10…
By law, you have the right to a CDP hearing by the IRS Office of Appeals if you receive one of the following notices: Notice of Federal Tax Lien Filing and Your Right to a Hearing under IRC 6320 Final…
If you, your spouse or dependents had significant medical or dental costs in 2021, you may be able to deduct those expenses when you file your tax return. Here are eight things you should know about medical and dental expenses…
Collection Financial Standards are used to help determine a taxpayer’s ability to pay a delinquent tax liability when negotiating an Offer in Compromise and Installment agreement. Allowable living expenses include those expenses that meet the necessary expense test. The necessary…
You may appeal many IRS collection activities to the IRS Office of Appeals. The Office of Appeals is separate from and independent of the IRS Collection office that initiated the collection action. The two main procedures are Collection Due Process…