The Internal Revenue Service (IRS) largely depends on taxpayers to report their own income accurately. People are generally expected to report their income to the IRS, make accurate personal statements regarding their family circumstances and pay what they believe...
Income tax audits can seem intimidating. They involve a thorough review of financial information and tax returns by a tax authority to ensure that all the reported income, expenses and credits are accurate and comply with tax laws. It's a topic that many people dread,...
Once you put the emotions of a divorce aside, a lot of what’s left to handle is purely financial. If you don’t have any real assets or investments, it might be fairly easy. If you do, however, the divorce process can get exceedingly complex. Couples sometimes forget...
You may have outstanding tax debt with the Internal Revenue Service (IRS). If you’re struggling to resolve it, then the IRS may pursue collective activities. The IRS will formally notify you about what collective activity they intend to take if you have unpaid tax...
Most successful professionals and small business owners want to minimize their tax obligations. The appropriate use of write-offs and exemptions can significantly reduce someone's state and federal income tax obligations. However, the creative accounting that people...
Sometimes, you find out because you get a letter in the mail. The Internal Revenue Service (IRS) is often very forthright about its intention to investigate a taxpayer. They may send you a letter advising you of the investigation and possibly even asking for your...
If you are contacted by the Internal Revenue Service and will be going through a tax audit, it’s important for you to know what to expect and to be aware of your rights. While the likelihood of being audited by the IRS is low, knowing that you are being audited means...
Complying with tax law means paying an appropriate amount of income tax based on what you earn. The Internal Revenue Service (IRS) taxes everything from your wages to capital gains on investments. You may make payments from each paycheck or send in estimated quarterly...
Seeing a letter from the Internal Revenue Service (IRS) in your mailbox might make your heart skip a beat. Even though you always pay your taxes on time and believe you have paid them in full, a letter from the IRS is often the sign that there has been an issue. If...
If you owe money to the Internal Revenue Service (IRS) because you underpaid your taxes, you will have to pay them back, likely with interest. Failing to pay what you owe in full could quickly lead to an audit or even criminal charges. Not everyone has the resources...