Free Tax Problem Resolution Resources From Maryland Tax Attorneys

How to Deal With an IRS Revenue Officer

January 8, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

If you’re in a position where you’re forced to deal with an IRS revenue officer, you’re probably feeling stressed and anxious. These guys mean business, and they’re likely being very aggressive about your outstanding tax liability. However, you still have plenty of options if you keep your cool, remain upfront and honest, and follow their instructions to the best of your ability.

In this blog, we’ll discuss how to deal with an IRS revenue officer and who to contact to help you navigate these difficult relationships. But first, a quick note on revenue agents and revenue officers to clear up any confusion.

How Does the IRS Decide What I Can Afford to Repay?

January 4, 2021/0 Comments/in Tax Resources /by S.H. Block Tax Services

If you’re struggling to pay off tax debt, it may seem like the IRS is completely arbitrary as it determines your repayment options and whether you qualify for any tax relief.

How Do I Know if I Am Exempt From Federal Withholding?

December 8, 2020/0 Comments/in IRS, Tax Resources /by S.H. Block Tax Services

Many people don’t know how to figure out whether they need to withhold federal income taxes from their paychecks. That’s okay — the team of experienced tax representatives at S.H. Block Tax Services is here to help! In this blog article, we’ll talk about how withholding works and explain how you can figure out whether you’re exempt.

6 More Tips to Help With Small Business Recordkeeping

December 1, 2020/0 Comments/in Tax Resources /by S.H. Block Tax Services

Running a small business can involve a huge amount of work. When you’re dealing with customers and taking care of day-to-day business needs, bookkeeping may not seem like the most pressing issue. But if the IRS decides to audit you and your records are lacking, you can wind up in a bad position.

Part of the challenge is that many business owners don’t know exactly which records they need to keep. We’re here to help. In this blog article, we’ll provide six tips that will help you stay on the right side of state and federal tax laws. (Afterward, if you want more help, you can read five additional bookkeeping tips here.)

How to Avoid a Maryland State Tax Lien

November 11, 2020/0 Comments/in Tax Resources /by S.H. Block Tax Services

Like most things related to tax debt and back taxes, tax liens are no fun. However, if you have a Maryland tax lien or are worried about one, ignoring the problem won’t help.

The good news is that whatever your tax problems, there’s always a way to start addressing them and improving your situation. Often, that path starts with learning about the issue and figuring out your options. In this article, we’ll try to help by explaining what Maryland tax liens are, how they work, and how you can avoid or get rid of them.

What to Expect in an IRS Correspondence Audit

November 11, 2020/0 Comments/in IRS /by S.H. Block Tax Services

If you’ve received a letter from the Internal Revenue Service asking for more information to support your tax return, then you have a correspondence audit on your hands. If this sounds like your situation, don’t panic — a correspondence audit can be straightforward and simple as long as you stay organized and understand the process.

In this article, we’ll explain how correspondence audits work and give you some tips to help manage the process.

Earned vs. Unearned Income: What’s the Difference?

October 20, 2020/0 Comments/in Tax Resources /by S.H. Block Tax Services

When it comes to filing taxes, the distinction between earned and unearned income might seem like a minor one. However, the IRS doesn’t think so, and if you mix up earned and unearned income on your tax returns or forget income sources of either type, you could end up with a lot of tax problems on your hands.

Is Debt Forgiveness Taxable?

October 13, 2020/0 Comments/in Tax Resources /by S.H. Block Tax Services

Most people struggle at one time or another to their pay bills. Often, the payments fall further and further behind, and climbing out from the debt cycle feels hopeless.

If you’re in this situation, you may have asked the bank, credit card company, or another creditor to write off or forgive your debt — usually for much less than is due on your account. In some cases, the lender will agree and stop trying to collect due to time, circumstances, or other contributing factors.

What you may not know is that when the lender writes off your debt, they may assign you a form 1099-C (cancellation of debt). This 1099 gets sent to the appropriate taxing agencies, and it will appear in your IRS file for the year the debt was charged off or forgiven. But what does a 1099-C really mean? Do you have to do anything after a creditor writes off your debt? What is your responsibility? In this article, we’ll answer those questions and explain the basics of how debt forgiveness affects taxes.

Understanding Your Collection Due Process (CDP) Rights

October 6, 2020/0 Comments/in IRS, Tax Resources /by S.H. Block Tax Services

If you have an outstanding tax debt and you’re facing collection actions, you may want to consider a collection due process (CDP) appeal. A CDP appeal offers you an opportunity to pause IRS collections and speak directly with an IRS settlement officer. These officers have significant power and can approve a resolution that normal IRS employees would never be able to approve.

However, the CDP appeals process can be intimidating and confusing for many taxpayers. If you’re considering a CDP appeal or are currently facing liens and levies from the IRS, read this article to learn more about your rights and the appeals process.

A Quick Guide to the IRS’ Fresh Start Program

September 8, 2020/0 Comments/in Tax Resources /by S.H. Block Tax Services

If you’ve heard about the IRS’ Fresh Start program for tax debt relief, you may be wondering whether you qualify and what options are available to you. Fresh Start is a helpful initiative that makes it easier for some taxpayers to pay their back taxes and avoid bad consequences like liens, levies, and wage garnishments.

However, there’s also a lot of misinformation and misunderstanding about Fresh Start. The program isn’t a magic wand that can wave away your tax problems. If you want to take advantage of the tax relief programs available under Fresh Start, you’ll need to understand your options and get prepared for a process that’s rarely simple.

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