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How far back can the IRS audit you? Here’s what you should know about the IRS audit process, and what to do if you receive a notice. One of the IRS’s main functions is to investigate tax fraud. The government has a vested interest in tackling tax fraud, even more so than tax negligence or …
As of June 2021, the IRS has begun issuing balance due notices and final notices to taxpayers as the collections process resumes. If you receive an IRS Notice LT11 or Letter 1058, here’s what you should do. Here’s an important piece of news: according to the IRS, balance due notices (including final notices) are in …
Payments for the new IRS Child Tax Credit are to begin July 15, 2021, but what is this type of credit, how has it changed, and how may it affect you? Will you receive the new Child Tax Credit, or should you opt out? While the COVID-19 pandemic continues to decline as vaccination programs pick …
During the pandemic, the IRS temporarily halted all collection actions. In the coming months, IRS Collections will begin again, impacting taxpayers across the United States. Here’s what you need to know. As we enter a post-pandemic state, the IRS begins to normalize the collection process and return to its regular pace. This will have an …
Taxes can be difficult to understand and manage, and they are made even more confusing with the very fine line between tax avoidance vs. evasion. There is a fine albeit significant line between tax avoidance and tax evasion – one allows you to save hundreds, if not thousands of dollars a year on taxes, while …
Delinquent taxes can lead to dangerous consequences from the IRS, but what exactly are these taxes, and how can they negatively affect you? Tax Day falls on mid-April nearly every year, with certain exceptions (such as 2020 and 2021, due to COVID-19). All eligible taxpayers contribute to the government’s coffers throughout the year, but Tax Day …