As part of the Inflation Reduction Act of 2022, the Internal Revenue Service (IRS) has received a big increase in funding—which has also led to a major hiring spree. Just over half of the $80 billion in new funding was allocated towards “enforcement.” While the IRS falls short around $600 billion in collection every year, […]
If you’ve been involved in a lawsuit or settlement and have been awarded a sum of money, you might think that money is yours to spend, free and clear. You’ve paid back the entitled parties, your lawyer got his or her cut, and now you’re ready to buy yourself something nice! Unfortunately, the IRS is […]
Many people fall behind on their taxes, start to receive notices from the IRS, and/or find themselves in a troublesome situation with the Internal Revenue Service. If you find yourself in this unfortunate situation, you may receive advice about seeking out a certified tax resolution specialist. What does this mean? How can they help?
Whether you are in the market to buy a new house, or you are thinking about listing your own home for sale, you don’t want any surprises. Finding out if a property has a lien on it before the sales process gets started will save you a lot of headaches. A lien is issued against […]
Not many small business owners or entrepreneurs particularly enjoy the accounting aspect of their business. For most people, it’s a tedious but necessary task that must be endured in order to keep doing business. If you have simple finances and few employees, you may still be handling the books yourself. But at some point, the […]
There are few things in life that inspire fear and anxiety like finding out you are being audited by the IRS. Just thinking about the potential implications for your personal life and your business can be headache-inducing, at the very least. But is there anything you can do to avoid an audit? After all, audits […]
If you have unpaid taxes, you probably already know that the state of Maryland may add fees and interest to your debt. But if you couldn’t afford to pay the tax liability in the first place, you might be tempted to shrug your shoulders and say, “Oh well.” This is why the Comptroller of Maryland […]
If you’ve got a tax lien on your house, you’ve probably got questions about it—and for most people, the number one question is “how do I get rid of it so I can refinance or sell my home?” The short answer is that you should be able to pay off your state or IRS tax […]
While bookkeeping and accounting both support healthy finances and accurate financial records for businesses, they are not the same thing. Although they work together, they perform separate functions and require different skillsets. And if you want to make wise financial decisions (and avoid costly tax penalties), you need both. Bookkeeping is actually a building block […]
Going to college can be a time of growth and excitement, not to mention set you up for a productive career. But for many graduates, student loans are the college hangover that just won’t go away. Student loan debt can follow you around for most of your adult life, causing financial stress and impacting your […]
