It’s a stressful moment that can stop you in your tracks: a letter from the IRS or your state’s tax agency arrives in your mailbox, and it claims you owe taxes for a business you’ve never operated. Whether the letter references unpaid […]
How Does the IRS Collections Process Work?
The IRS is responsible for collecting taxes owed to the United States government. When taxpayers fail to pay their taxes on time, the IRS initiates a collections process to recover the outstanding debt. This process can be complex and intimidating for those […]
Incarceration and Back Taxes: What You Need to Know
Dealing with back taxes can be stressful under any circumstances. However, when incarceration is added to the mix, the situation becomes more complicated. Incarcerated individuals still have tax obligations and understanding how these obligations are handled during their time in prison is […]
What To Do If You Receive IRS Notice CP45
Receiving a notice from the IRS can be unsettling, especially if you were expecting a tax refund and instead learn it has been applied to a debt. IRS Notice CP45 informs you that your tax refund has been used to pay a […]
The IRS is Auditing My Crypto. Now What?
The rise of cryptocurrency has brought unique challenges to the tax filing process. As digital currencies like Bitcoin, Ethereum, and others gain mainstream acceptance, they have also attracted the attention of the IRS. Cryptocurrency transactions are taxable events in the United States, […]
What To Do If You Receive IRS Notice CP49
Receiving an IRS notice can be unsettling, especially when it concerns your tax refund. IRS Notice CP49 informs taxpayers that their federal tax refund has been applied to a prior year’s outstanding tax debt. While it may come as a surprise, understanding […]
What is a Trust Fund Recovery Penalty?
The Trust Fund Recovery Penalty (TFRP) is an enforcement tool used by the IRS to ensure the proper handling of trust fund taxes. It particularly pertains to payroll taxes withheld from employee wages. For business owners and individuals involved in financial decision-making, […]
Penalties for Unfiled Tax Returns & How to Avoid Them
When you fail to file your tax returns or pay your taxes on time, you may face significant penalties from the IRS. These penalties are intended to encourage taxpayers to comply with tax laws, and their impact can range from financial burdens […]
What To Do If You Receive IRS Notice CP504
Receiving a notice from the IRS can be intimidating, especially if it’s IRS Notice CP504. This is not just a regular reminder; it’s a Final Notice of Intent to Levy. Understanding what this notice means and how to respond promptly is crucial […]
What is the IRS Federal Payment Levy Program?
The IRS Federal Payment Levy Program (FPLP) is a powerful tool the Internal Revenue Service uses to recover overdue tax debts by seizing federal payments owed to taxpayers. Introduced as part of a collaborative effort between the IRS and the Department of […]