If the Internal Revenue Service (IRS) believes you owe them money, they will send a bill. This bill will contain all sorts of information, from how much is owed to the potential penalties and additional charges that can apply if you fail to pay by the due date. What...
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IRS goes after small business for payroll taxes: 3 lessons
The Department of Justice (DOJ) recently announced the acceptance of a plea deal with a small business owner from New York. The DOJ states the entrepreneur, who owned and served as the Chief Executive Officer (CEO) of two spas and related businesses failed to properly...
What should I do if I get a notice from the IRS?
The Internal Revenue Service (IRS) is looking to increase its efficiency when it comes to tax audits. One way the agency is considering using to help achieve this goal is the use of machine learning. The agency has stated machine learning can help find patterns that...
Latest report on IRS backlog finds agency behind by over 21 million
The Internal Revenue Service (IRS) recently reported an increase in its backlog of unprocessed paper tax returns. The increase is significant, as the IRS was already behind. Now, instead of moving forward and catching up, the federal agency is behind by an additional...
I cannot pay my tax bill. What are my options?
Tax Day has passed and yet not all taxpayers have filed or paid their taxes. According to the most recent data, the United States Internal Revenue Service (IRS) estimates that Americans owed more than $114 billion in back taxes from the 2020 tax year. These numbers...
What are my options if I am subject to a tax levy?
A tax levy is a legal seizure of property to pay off a tax debt. In some cases, the Internal Revenue Service (IRS) may use a tax levy to take money from a taxpayer’s bank accounts to settle a tax bill. Taxpayers who are the subject of a tax levy and believe it was...
What should I know about using NFTs to buy real estate?
It’s a brave new world out there, folks. The days of buying real estate with mortgages and cash offers may be eclipsed by the use of digital currency and nonfungible tokens (NFTs). Although the novelty of this process may seem appealing, there are a few things to know...
I answered an IRS notice but have not heard back. Should I worry?
The Internal Revenue Service (IRS) may send taxpayers a correspondence requesting clarification or additional information. Taxpayers who respond to these notices may find themselves waiting weeks or months for a response. Taxpayers often wonder if this lag in response...
If the IRS already has our data, why file taxes? What happens if I stop?
The feds get a copy of our tax forms, and financial institutions share information. This leads many to wonder why we need to file tax returns in the first place. Critics argue that the current tax return system is not necessary, but the result of commercial tax...
NY tax authorities begin to audit remote workers
The pandemic changed the way we work. Many people who commute into big cities like New York were forced to work from home, often in other states and often for the majority of the year. This led to a lot of frustrations, like trying to find space for a home office and...