Posts Tagged income tax

IRS Announces New Payment Option for Some Delinquent Taxpayers

The Internal Revenue Service (IRS) has announced that a new payment option has been added to the private debt collection program. The payment option is intended to make it easier for those who owe to pay their tax debts, although some practitioners, like me, fear that it could lead to abuse.

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IRS Audit Period Is 3 Years, 6 Years Or Forever: How To Cut Your Risk

It is only natural to worry about an IRS audit, and the duration of audit periods can be downright frightening. Tax lawyers and accountants are used to monitoring the duration of their clients’ audit exposure, and so should you.

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What to Do If You’re Audited by the IRS

Stressed young taxpayer reads IRS letter

“Gasp!” That might be your first reaction to seeing an envelope with an eagle on the upper left corner and the dreaded words next to it: Internal Revenue Service. But fear is not an emotion that should flow through your body. Why not? Well, if you’ve accurately recorded what properly belongs on your tax return, you have nothing to fear from the IRS if they contact you about an audit.

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Top Ten Money Mistakes People With Modest Incomes Make

Don’t think you can retire on modest money? You don’t have to stare down a life sentence of work, you just need to avoid some all too common mistakes.

Reading articles and blog posts online you may be tempted to believe that the biggest scourge threatening your financial goals are subscription boxes, latte consumption, and envy of the Joneses. Having worked within personal finance with people with modest incomes for nearly 20 years, I have learned that there are even more significant threats looking to sabotage your goals.

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Crabb Tax Services Newsletter (July 2019)

TOPICS IN THIS ISSUE: 3 Costly Tax Mistakes to Avoid 6 Summertime Uses For This Tax-Favored Savings Account Understanding How Taxpayers May Appeal to the IRS Office of Appeals This Crazy Map Shows You How Complicated The Tax Code Has

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Understanding How Taxpayers May Appeal to the IRS Office of Appeals

IRS has an Office of Appeals (OOA) that operates as an “independent” organization within the IRS. The goal of the OOA is to help Taxpayers resolve their tax disputes through an informal, administrative process, and through weighting IRS’ risks of litigation. The OOA aims to resolve tax controversies “without litigation” avoiding expensive and time-consuming court proceedings.

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Crabb Tax Services Newsletter (June 2019)

TOPICS IN THIS ISSUE: Optimizing Residential Real Estate Deductions Tax Court Approves IRS Denial of Installment Plan Request The Marriage Tax Penalty, Post-TCJA 3 Great New Tax Videos! IRS TAX TIP: Here’s What Taxpayers Should Know Before Visiting an IRS

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Crabb Tax Services Newsletter (May 2019)

TOPICS IN THIS ISSUE: Tax Levy: What It Is, How It Works and How to Stop One What Is A Tax Lien? IRS corrects error in Schedule D tax calculation worksheet 3 Great New Tax Videos! IRS TAX TIP: Taxpayer

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IRS TAX TIP: Taxpayer Bill of Rights Provides Protections

All taxpayers have fundamental rights when working with the IRS. The agency outlines them on IRS.gov and in Publication 1. To help taxpayers understand their rights, here is a list of them with a brief description of each one:

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