To stay in good standing with the IRS, you must avoid liens. But, what is a state tax lien and how can it be resolved? A lien of any kind is a legal claim on a person’s assets or property, to serve as collateral for a debt. In practical terms, liens effectively allow a creditor …
When paying your taxes, there are many things to consider, including backup withholding. What is backup withholding, and how does it affect you, the taxpayer? The government collects taxes on income, among other things. But there are many different types of income, and some taxpayers don’t always report the income they generate. Furthermore, some taxpayers …
Each year, the IRS Dirty Dozen Tax Scams are updated with the most common trends in IRS-related fraud and scams. Here is what to know this year. It’s the tax man’s job to ensure that the government gets its legal share – but masquerading as the IRS has been and continues to be a problem …
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 …