Filling out your tax return is incredibly complicated. There are dozens of numbers to add, deductions to find, and countless forms and schedules to include. With all that, the average American spends roughly eight hours preparing their tax return each year. That’s the length of the average work day! So, it makes sense that mistakes …
When You Make a Mistake on Taxes Already Filed, Here’s What Happens Read More »
What are your chances of getting hit by lightning in your lifetime? 1 in 3,000 or a 0.03% chance. Your chances of dying during a shark attack? Even higher at 1.5%. And, that’s if you get attacked. How about your chances of winning a case against the IRS? It has to be pretty low, …
Case Study: Why Hiring a Tax Attorney is the Best Way to Fight the IRS and Win Read More »
Constitutional requirements and amendments demand all citizens pay taxes. Naysayers argue and advocate against tax law, but no one is exempt from paying them. Foregoing regulated prerequisites of tax law could subject you to an IRS seizure. Miseducated tax filers account for $458 billion in unpaid taxes. Blame confusion, accounting mishaps or nefarious deception. Tax filers …
Keep Your Stuff: How to Protect Yourself from an IRS Seizure Read More »
You open your mailbox. You find a letter from the IRS. “Great!” you think, “my tax return is here!” But when you open the letter, you find some incredibly sad news. Suddenly, you owe the IRS a lot of money. Maybe you forgot about the capital gains tax on the stock you sold last year. …
How to Use IRS Payment Plans – 6 Ways to Get Out of Federal Debt Read More »
A common complaint concerning the IRS is the little time they give taxpayers to challenge certain determinations. Yet the IRS recently announced businesses and individuals will have additional time to bring claims concerning levies and seizures of property. Under the recent Tax Cuts and Jobs Act of 2017, there has been an extension from nine months to …
The IRS can use levies to seize assets including wages, financial accounts, real estate, and vehicles. The IRS can liquidate other of your belongings as well to collect back taxes. Yet the IRS does not have unlimited powers.
On behalf of Silver Tax Group posted in Tax Defense on Tuesday, November 21, 2017. “As you were previously notified Pioneer Credit Recovery, Inc., (PCR) a private collection agency, is a contractor for the Internal Revenue Service (IRS) assigned to collect your past due tax obligations.” When did the IRS start using third party collection agencies to collect back …
On behalf of Silver Tax Group posted in Tax Crimes on Wednesday, September 27, 2017. From the perspective of the IRS, all income from any source is subject to taxation. However, many taxpayers (including those living in Michigan) are failing to report all of the money they receive. Data about failure to report side income According to an article from …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, June 15, 2017. There is much that Michigan taxpayers need to consider before entering tax-sharing agreements with other parties. Most importantly, these sorts of agreements are not binding upon the IRS. Joint income tax return For example, the IRS recently disallowed a number of rental property loss …
On behalf of Silver Tax Group posted in Back Taxes on Wednesday, May 24, 2017. Many Michigan taxpayers anticipate receiving a tax refund. However, sometimes the processing of a refund takes time. And, unfortunately, there are also certain circumstances when the refund may never come. The Treasury Department’s Bureau of the Fiscal Service does more than just issue tax refunds. …
On behalf of Silver Tax Group posted in Tax Defense on Wednesday, March 15, 2017. The last thing any retiree would like to see happen is to have their plans interrupted due to tax difficulties. Yet with the complex rules regarding calculating income, minimum withdrawals from retirement accounts, and deducting various expenses, mistakes made in filing tax returns are …
On behalf of Silver Tax Group posted in Tax Defense on Thursday, October 13, 2016. Fantasy sports have become a booming business in recent years, and that trend looks to continue through 2016 and beyond. In recent years, Forbes estimated that fantasy football itself was between a $40 billion and $70 billion industry. When these traditional game types are …
Fantasy Sports And IRS Tax Mistakes: A Case Study Read More »
On behalf of Silver Tax Group posted in Tax Defense on Monday, March 14, 2016. You’ve Won! Time To Celebrate … Or Is It? Your adrenaline is pumping – you’ve just won a daily fantasy matchup in FanDuel or DraftKings, an online March Madness bracket, or some other type of fantasy sports! You begin to think about what you …
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