Category Archives: General
Will I Have to Pay the IRS For my Tax Debt Forever?
A frequent question we often hear is “Can the IRS collect my tax debt from me for the rest of my life?” Fortunately, the answer is no. The IRS has 10 years to collect any taxes you owe. The 10 … Continue reading
What is the Difference Between a Lien and a Levy?
While the IRS uses both a lien and a levy as tools to go after taxpayers who owe taxes, a lien is not the same as a levy. A lien is a legal claim the IRS files against a taxpayer’s personal … Continue reading
How to Avoid Red Flags for an Audit
The information in your personal tax return is critical in determining whether the IRS may choose to audit your return. One of the ways your tax return can be selected for an audit is through computer screening. The IRS computers … Continue reading
Are you Personally Liable for the Payroll Tax Debt of your Business?
In order to answer this question, let’s talk a little about employment or payroll taxes. Any business that uses employees, must withhold certain taxes from an employee’s pay check every pay period. The taxes withheld are personal income taxes (federal … Continue reading
Do I have a Hobby or a Business for Tax Purposes?
Many people choose to pursue a hobby such as jewelry making, boat racing, coin collecting, baking, photography or showing dogs. A hobby is something you pursue as a sport or for recreation or because you are passionate about it, but … Continue reading
Tax Implications of the Sharing Economy
If you are an Uber or Lyft driver, rent out a room through Airbnb or provide a number of other goods or services through an online platform, you are involved in the “sharing economy.” This is also known as the … Continue reading
How do I qualify for an Offer in Compromise?
An Offer in Compromise (OIC) allows you to settle your tax debt for less than the amount you owe. However, just because the IRS accepted an OIC for your neighbor, co-worker or friend, does not mean that you will necessarily … Continue reading
Some Tips to Stay out of Trouble with the IRS
1. File your personal income tax return by April 15 of each year even if you cannot afford to pay the taxes you owe. If you don’t file on time, the IRS will not only add on a penalty for … Continue reading
What is the IRS “Fresh Start” Program?
In February, 2011, the IRS announced a new program to help struggling taxpayers get a fresh start with their tax liabilities. The goals of the program are to make it easier for taxpayers to pay back taxes by changing the … Continue reading
What is a substitute for return (SFR) and what should I do if the IRS files one for me?
If you don’t file a tax return each year, the IRS will send you a notice reminding you to file your return. If you fail to do so, the IRS will eventually prepare a substitute for return (SFR) for you … Continue reading
