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Trending Posts
Does Being Married Help with Taxes? Uncover the Tax Benefits of Marriage
Are you curious if tying the knot can save you money on taxes? You're not alone! Many couples wonder if being married offers any financial perks when tax season rolls around. The good news is that there are tax benefits of marriage, from lower tax…
Step-By-Step Guide For Filing For A PPP Loan
As a small business owner, in the last few months, the COVID-19 pandemic may have added a lot of stress to your company. Whether you had to close your doors or drastically cut down on your services, your business is suffering, and your employees are…
How To Use Tax Form 1099-C To Report Canceled Debt
Debt cancellation can significantly help borrowers get on top of their finances. You may have had certain debts discharged during a bankruptcy, loan forgiveness program, or other event over the last year. This forgiveness or discharge will often need to be reported as income to…
Newest Posts
CP88 Notice: Unfiled Tax Return Reminder
A CP88 Notice from the IRS serves as a formal reminder that your tax return has not been filed, and your refund, if any, is being held until the issue is resolved. Ignoring this notice can lead to severe consequences, including penalties, interest, and potential…
CP161 Notice: Navigating Business Tax Underpayment
A CP161 Notice from the IRS is a formal notification of a balance due resulting from underpaid business taxes. While this notice may not seem as intimidating as other IRS correspondence, it requires prompt attention to avoid escalating penalties or interest. At Silver Tax Group,…
CP22 Notice: Balance Due on Tax Return Changes
Receiving a CP22 Notice from the IRS can be alarming. This notice indicates that changes have been made to your tax return, resulting in a balance due. Whether you or the IRS initiated the adjustments, it’s essential to understand the notice and respond promptly to…
Tax Question & Answer Videos
Information Regarding Tax Audits
ERC Audits: Navigating Risks and Penalties in IRS Examinations
As IRS audits of Employee Retention Credit (ERC) claims intensify, understanding the risks and potential penalties is crucial for businesses. This guide explores ERC audit processes, common red flags, audit preparation strategies, and penalty abatement options. With proactive planning and expert guidance, businesses can navigate…
Demystifying Form 4549: A Comprehensive Guide to Understanding Your IRS Audit Report
Form 4549, officially known as the "Income Tax Examination Changes" form, is issued by the IRS following an audit. If you get one, it means the IRS is questioning your return. Let's get into the form and what it means. Demystifying Form 4549: A Comprehensive…
The Art of Audit Reconsideration: Turning the Tables on Your IRS Audit
An IRS audit is something we all dread, especially when it comes with unexpected tax assessments. Audit reconsideration is all about finding a strategic opportunity to challenge the IRS's findings and potentially reduce or eliminate those additional tax liabilities. You'll want an experienced tax defense…
How to Deal With Back Taxes
Navigating CP504B Notices: A Quick Guide
If you’ve ever received a CP504B notice and felt like you’ve hit a brick wall, you’re not alone. The moment that letter lands in your mailbox can be daunting, but here’s the thing – it’s far from the end of the road. So, we’re here…
Tax Debt Relief: The IRS’ Best Kept Secret To Pay Off Taxes
We know you meant to pay your taxes when the time came. We also understand life got in the way with its other responsibilities. Your tax debt does not have to turn into a never-ending cycle of penalties and fees you can never seem to…
CP71 Notice Explained: Resolve Your Tax Debt Now
Key Takeaways: CP71 Notice: It’s a reminder you owe taxes. Reason: The IRS thinks you didn’t pay all your taxes. What to Do: Agree? Look into ways to pay. Disagree? Prepare to show why. Help Available: Tax experts can help sort it out. Payment Options:…
Recent News Regarding Taxes & The IRS
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