You’ve received an IRS Notice CP14. What does this mean and how should you respond? Here is what you need to know. Most letters from the IRS don’t bode well – but IRS Notice CP14 is an exceptionally notorious example, as it means that the IRS has found that your tax account currently has a …
If you are experiencing tax debt and owe money to the IRS, you have the option of creating a payment plan, also called an installment agreement; but can you have 2 installment agreements with the IRS? Can you have 2 installment agreements with the IRS? Not exactly. When you owe taxes, the IRS allows you to …
Whoever said taxes aren’t that complicated? Especially when it comes to income, where the IRS wants to make sure that virtually everything you’ve earned has been accounted for, tax-wise. As such, there are 21 different versions of Form 1099, the form that the IRS requires you to fill out when you’re federally declaring any income …
The IRS Fresh Start Program was initiated in 2011, at the tail-end of the Great Recession fuelled by the subprime mortgage crisis, the collapse of the United States housing bubble, and the resulting global financial crisis. It was an important compromise and overhaul by the IRS designed to help taxpayers resolve their tax issues more …
Imputed income refers to the value assigned to a non-monetary benefit or perk received by an individual, which is then treated as taxable income. In other words, when a company or employer offers a non-traditional benefit – such as a gym membership, or an annual Amazon gift card – the value of that benefit is …
A lien vs. levy? Levy vs. garnishment? Understanding the IRS’ various tax penalties and punishments for late fees can be difficult and disorienting, so let’s try straightening them out. First and foremost: liens and levies (of which a wage garnishment is a levy) are relatively nuclear options from the IRS’ point of view. These are …