As a tax resolution attorney, I have clients all over the world. Are you surprised to hear that people in Canada, Thailand, France, and Egypt have U.S. tax problems? Now this usually stems from a portion of time living in the U.S. or having U.S. investments, but nonetheless they are still tax problems. Our firm […]
Often clients ask me what they can deduct on their taxes. The answer is not so cut and dry. It really depends on each client’s specific situation. Below I have compiled a list of possible deductions. Remember you must maintain accurate records to substantiate your deductions. I hope this helps in preparing and planning for […]
The IRS reported that their percentage of individual audits has drastically been reduced by recent budget cuts. They have fallen to record lows not seen in over a decade. Operating with over 20% fewer revenue agents the IRS struggles to keep up with their workload. How does this impact audits?
In 2011, Maryland passed a law that if you have unpaid taxes you will prevented from renewing your license and/or registration. This applies to both business and personal vehicles and licenses. Some time has passed and we are starting to see a large occurrence of these holds. Every day our firm gets frantic calls from […]
The IRS has over 148 different penalty types that can be assessed on a taxpayer or business. What’s even worse is interest and additional penalties can continue to grow from the original penalty. That’s just on the federal level. Maryland has a whopping 13% interest, not to mention they are not as forgiving when it […]
The IRS Mission Provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and enforce the law with integrity and fairness to all. This mission statement describes our role and the public’s expectation about how we should perform that role. In the United States, the Congress passes tax laws and requires […]
I heard an advertisement while driving into work today. “Call us if you can’t afford to pay the IRS…The new CNC program can help”. Many taxpayers are calling and may not even know what the CNC program stands for. I thought that an explanation would make for a good post. CNC or Currently Not Collectible Status […]
I received a 1099-C: what is this? In the last ten years Americans have had a tough time between lack of employment and the credit crunch, many of us were hit hard. Citizens caught in subprime mortgages that they could no longer afford and were unable to refinance due to home price or new credit […]
What is an audit? *1 As defined by the IRS: An IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is substantially correct. What are your rights as a taxpayer?
In our training for tax resolution we have always been told that tax returns usually take 4-6 weeks to post. Today I was shocked when a representative from Taxpayer Advocates alerted me that tax returns are taking up to a YEAR to post! The reason given was they are very busy this time of year. […]
