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Taxpayer’s Guide To IRS Form 5498
It’s that time of year again. Tax season is upon us, and there might be many different forms that you need to understand. This includes IRS Form 5498. (also see our guide on IRS form 5498-SA) The trustees or administrators of Independent Retirement Accounts (IRAs)…
Tax Avoidance Vs Tax Evasion: What Is Legal And What Is Criminal?
Tax avoidance or evasion is rampant since no one loves paying taxes. With the tax percentages ranging from 10 percent to 37 percent depending on annual profits, paying the taxman could easily be among the heftiest expenses, individuals or businesses deal with in a fiscal…
1120 Tax Form: The Different Variations And How To File
If you have recently formed a corporation or have taken on the responsibility of filing income tax for one, you will soon be very familiar with the 1120 Tax Form. Also known as the U.S. Corporation Income Tax Return, Form 1120 is a formal document…
Newest Posts
Can I Stop an IRS Intent to Levy Letter (LT11)?
Receiving an Intent to Levy Letter (LT11) from the IRS can be alarming, but rest assured, there are steps you can take to stop it. This notice means the IRS is planning to seize your property due to unpaid taxes, but by acting quickly and…
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 Guide…
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…
Tax Question & Answer Videos
Information Regarding Tax Audits
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 Guide…
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…
Navigating AUR Pitfalls: How to Avoid Common Errors and Mistakes
The IRS Automated Underreporter (AUR) system is designed to compare taxpayer income reports with third-party data, and it often uncovers discrepancies that lead to AUR notices. These notices are, of course, very useful to the IRS in ensuring compliance, but they can also be a…
How to Deal With Back Taxes
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:…
Don’t Prepare For Take Off: Can The IRS Take My Passport?
When you owe back taxes, the penalties you face don’t only deal with things like tax evasion charges or lots of bills — it can also affect your quality of life. One of the biggest ways the IRS can affect your quality of life is…
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