A lien can significantly and negatively impact your life, but when does the IRS file a tax lien and how can you remove them? Tax liens are issued against individuals with an outstanding tax balance who have failed to address their debt before a given deadline. For taxpayers with a tax debt of more than …
With the rise of COVID-19, the United States has seen an increase in COVID related tax fraud. Here’s how to protect yourself from these scams. The IRS recently released a statement on the prevalence of COVID-19 related tax fraud, specifically text-based tax fraud scams that prey on people’s vulnerabilities by promising additional tax credits, economic …
Understanding the IRS audit process is essential to determine your best course of action against an audit. Here’s what to know. There are few things scarier than the prospect of being audited by the government for your hard-earned money, especially when the result might be a heftier tax bill. Thankfully, IRS audits aren’t as scary …
There can be consequences of receiving a Notice of Federal Tax Lien. One of the main concerns is: how long does a tax lien stay on credit reports? The IRS utilizes federal tax liens as both a deterrent and a part of their collection process. When a taxpayer has a hefty unpaid tax debt, federal …
*Last Updated January 6, 2021 The Paycheck Protection Program is aimed to keep workers on payroll during the current pandemic, but are PPP loans taxable? The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law by President Trump on March 27, 2020, and aimed, among other things, to …
The Taxpayer Bill of Rights provides representation to taxpayers – here is how it affects you. The Taxpayer Bill of Rights is a recurring subject throughout American history, and most recently refers to the ten points outlined in a 2014 charter adopted by the IRS and proposed by former National Taxpayer Advocate Nina Olson. This …