The kids should be ready for Halloween but are you ready to take advantage of making this holiday to be tax deductible? Yes your Halloween Candy could be a tax deduction…. You can in fact deduct Halloween candy if you figure out a way to make it business related. The IRS doesn’t say a lot […]
With so many people whose lives were disrupted by the California wildfires, it is welcome relief that the Federal and State Tax Agencies are providing extra time to taxpayers to meet their tax obligations. Internal Revenue Service (“IRS”) The IRS announced that victims of wildfires ravaging parts of California now have until January 31, 2018, […]
The IRS is the world’s largest and most powerful collection agency (and the staggering fact that Congress has allowed them to start outsourcing debt collection to private third parties doesn’t change this). Therefore, if you owe the IRS money, there is nowhere to run and no place to hide. It is only a matter of […]
Although more couples these days are choosing to customize and personalize their wedding vows and break with the traditional “to honor and obey” language, it’s a safe bet that not even IRS agents who tie the knot promise not to burden their betrothed with an unfair tax liability. However, that is indeed the financial problem […]
The adage “a little knowledge is a dangerous thing” is vividly — and sometimes catastrophically — illustrated when it comes to anything and everything to do with the IRS. Indeed, the amount of so-called good advice available on the web and across social media that is partially or wholly incorrect is staggering, and many taxpayers […]
For many reasons — some of which are justified and necessary, and others that frankly do not make sense and obfuscate rather than clarify — the Internal Revenue Code (IRC) is an excessively complex set of volumes, which contain laws enforced by the IRS (published as Title 26 of the United States Code/USC). Partly due […]
People who have undisclosed income in offshore accounts can — and frankly, should — take advantage of the IRS’s Offshore Voluntary Disclosure Program (OVDP). As the term suggests, the program allows taxpayers to voluntarily disclose all foreign accounts and fully clear their tax liability (including taxes owed, interest and penalties), instead of risk getting flagged […]
The IRS offers a program called an Offer In Compromise (“OIC”). An OIC allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship. With a properly completed application for […]
Certain tax returns that are selected for audit by the IRS each year are selected as part of the National Research Program (“NRP”). The goal of this program is to design and implement a successful strategy to collect data that will be used to measure payment, filing and reporting compliance and to deliver the data […]
Although being a constituent of your elected Congressman gives you reason to voice your concerns about agenda under your Congressman’s consideration, don’t think that just because you have personal tax problems that your Congressman will come to the rescue or be able to cut any bureaucratic tape. It is true that every elected official has […]
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