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 …
The Tax Cuts and Jobs Act (TCJA) was signed into law on Dec. 22, 2017. Its changes to the way federal taxes work went into effect in 2018. How does the TCJA affect you? While tax reforms are commonplace in Washington, and changes to the tax code occur every year, the Tax Cuts and Jobs …
A bank levy is one of the IRS’s last resorts when collecting from a taxpayer with an overdue tax bill. This guide explores the bank levy process. Bank levies do not come out of anywhere – the IRS is obligated to give ample notice and will often try to collect in a myriad of other …
Receiving a notice of a tax lien can be intimidating, but what is a tax lien and how can it be resolved? Here’s what you should know. When the IRS recognizes that a taxpayer is far behind on their obligations, they have extraordinary debt collection powers. One of the most important tools in their toolkit …
The mere chance of an IRS audit can feel terrifying – not knowing what you owe and why would put anyone at unease, and the idea that the weight of the government lies behind the inquiry further fuels that fear. But what triggers an IRS audit? IRS audits often quite straightforward, and they’re also somewhat …