Category Archives: Uncategorized

IRS Audits – 10 Red Flags To Avoid

Incomplete or sloppy returns. Make sure you sign your return. Check for math errors All names should match the SSN on the return Make sure you fill out all the required information. Check for any inconsistencies on the return. Unreported

2011 Tax Changes

With 2011 tax season upon us, I would like to highlight some of the changes that will affect many taxpayers. The “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act”of 2010 and enacted Dec. 17 extended certain tax cuts fo

National Taxpayer Advocate Delivers Annual Report to Congress

The Advocate expressed continuing concern that the IRS’s increasing use of hard-core enforcement actions, particularly tax liens, is inflicting unnecessary harm on financially struggling taxpayers. I have highlighted some of the issues brought b

Taxpayers Will Have An Extra 3 Days To File Their 2010 Returns This Year

According to the Internal Revenue Service the added days were added because of the Emancipation Day, a holiday observed in the District of Columbia, falls on April 15, so taxpayers will have until April 18. For those filing an extension,

IRS Offer In Compromise Financial Statements

The IRS has 3 basic financial forms that are used to provide financial information when submitting an Offer in Compromise and also Installment Agreement when the amount of the tax debt is over $25,000. The IRS uses this financial information

First Time Homeowners May Be Surprised to Find Repayment Due.

The IRS First Time Homebuyer Credit between April 8th, 2008 and May 1st, 2010 is not treated all the same. The credit was a temporary stimulus to the economy to aid taxpayers who purchased a home as a primary resident. However,

12 Things To Consider When Choosing A Tax Relief Professional.

12 Things To Consider When Choosing A Tax Relief Professional.

Putting your personal information and money in the hands of a tax relief professional or firm can be a daunting task no matter how reputable they seem. The following list should get you started in your search for the right

What Is An IRS Levy?

What Is An IRS Levy?

A levy is a legal seizure of your property to satisfy a tax debt. A lien is different than a levy as a lien as used as security for a debt, while a levy actually takes the property to satisfy

The Tax Consequenses Of Debt Cancellation 1099C

In the past few years due to the economic troubles, many distressed taxpayers have had some or all of debt cancelled or forgiven. This can be through a foreclosure on a home, accounts written off, credit card or other loans

Common IRS Notices & What They Mean

Common IRS Notices & What They Mean

When you receive an IRS notice, look in the top right hand corner to find the notice number. The notice should cover a specific issue about your account or return. Below are some common notice numbers and the reason for