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non-cash items that you must report

Non-Cash Items That You Must Report

April 28, 2015

Accurately preparing a tax return can be difficult when you have an increase or a decrease in income, or when there are major changes in your life. Paying too little in taxes can present complications later on, including penalties and interest. As such, it’s important to know which items are taxable and which are not. Generally speaking, paying tax debt in installments is the easiest way to handle your liability. An IRS Installment Agreement can be ...

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bankruptcy and tax debt

Bankruptcy and Tax Debt

April 24, 2015

If you are in bankruptcy proceedings and have tax debt, you can have your debt discharged under Chapter 7 and Chapter 13 of the bankruptcy code. Income tax debts, however, cannot typically be discharged under Chapter 13. For discharging tax debt, Chapter 7 is often preferred over Chapter 13. Chapter 7 allows full discharge of allowable debts whereas Chapter 13 offers the opportunity to repay part of the debt (some debts are dischargeable). Basic Rules for ...

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irs notice

What to Do When You Receive an IRS Notice

April 21, 2015

Receiving an IRS notice can be worrisome because the first thing that comes to your mind is back taxes or an audit. The truth is that the IRS sends notices strictly to provide information to taxpayers, as well. If you receive a notice following tax season, it may be about changes that the IRS made on your tax return, a notice of failure to file a tax return, or claiming incorrect credits. The IRS also sends ...

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online irs tools

Use Online IRS Tools to Avoid Waiting on Services

April 14, 2015  |   Last modified on June 16, 2021

Many of the IRS services are not taxpayer-friendly this tax season. The IRS had warned that the wait time for an agent over the phone could be as long as 45 minutes. Lengthy lines are also a common sight at various Taxpayer Assistance Centers across the country. With a reduced budget and the additional burden of dealing with the many COVID tax changes, the IRS has been stretched thin. Taxpayers, however, may be more comfortable ...

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notice cp 2000

IRS Notice CP 2000: What It Is and What to Do If You Get One

April 10, 2015

The idea of receiving IRS notices worries most taxpayers. They fear that they have a tax debt or have been selected for an audit. The fact is that the IRS sends notices to share information as well, even when they are not required to act. Notice CP 2000, however, requires action. Why Would I Get Notice CP 2000? By sending Notice CP 2000, the IRS is informing you that they compared information on your tax return with ...

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notice cp 90

IRS Notice CP90: What It Is and What To Do If You Get One!

April 04, 2015

Taxpayers receive Notice CP90 Final Notice of Intent to Levy and Notice of Your Right to A Hearing when they haven’t resolved their back taxes after repeated reminders from the IRS. CP90 informs them that the IRS intends to levy certain assets to pay for the delinquent taxes. Under a levy, the IRS sells the property and/or assets to pay for the back taxes. It is one of the most damaging IRS collection ...

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