Losing your employment can be tough, both emotionally and financially. However, it’s important during this time to remain proactive about your finances and your tax status. If you’ve recently lost your job, here are a few steps you can take along with the tax implications of each. Read more
A distressed sale occurs when someone sells property, securities, or other assets in an urgent manner ─ usually at a loss ─ to cover substantial debts as quickly as possible. In this article, we’ll be focusing specifically on distressed real estate sales. Read more
The Offer in Compromise (OIC) program is an IRS program designed to assist taxpayers who have substantial tax debt and are unable to pay in full. Typically, the IRS (or state of Maryland) will negotiate a figure that is equal to the greatest amount they expect to recover over a reasonable time frame but less than what the taxpayer actually owes. Read more
Receiving a notice from the IRS can cause immense stress before you even have the chance to open the letter. (Note: The IRS will not call or email, so if you are receiving either, it is likely a scam.) Read more
Marriage is all about teamwork: two people who pledge to stick together for better or worse, richer or poorer, and in sickness and in health. And although some exceptions do apply, there’s no better practical example of this vow than a married couple jointly filing their annual income taxes. Read more
Recently, our firm had a conversation with the collection division of the IRS about the statute of limitations on a client’s account. We believed that over $60,000 of back taxes should have expired, which would have meant that the IRS could no longer collect on the debt and would’ve been forced to erase it entirely. We went back and forth over the phone discussing our position, but we could not get the agent to bend on his calculations. So, we escalated the situation and entered the dispute for further review. Read more
If you’ve experienced a significant life change over the last year, you’ll probably need to reexamine your tax standing, and you may be eligible for new deductions or tax credits as well. Keep reading to learn which types of life events could make an impact and how these changes could affect you as a taxpayer. Read more
In many cases, individuals and businesses can settle their tax issues on their own (or perhaps with a bit of research and help from an accountant). However, there does come a time for some taxpayers when their problems require the assistance of a skilled and experienced tax representative. Read more
Watch out for the Dirty Dozen! No, not the Lee Marvin-led squad of misfits — we’re talking about the worst tax scams out there.
Every year, the IRS releases its “Dirty Dozen” list, which details twelve common tax scams that taxpayers may encounter during the year. Although people can fall victim to these schemes at any time, many of them peak during filing season as people prepare their returns (often in a hurry). Read more
Although April 18, 2017 has come and gone, it’s a great time to go through a Summer Tax Checklist to keep you and your small business on track. Here are four things you can do to have a productive summer and prepare for a smooth tax season next year. Read more
