Receiving notice that the Internal Revenue Service (IRS) intends to audit your finances could make you feel frightened and panicked. Even if you have always done your best to meet all of your tax obligations, it is common to worry that you may have made a mistake. ...
If you’re getting divorced, you may not be thinking about your taxes. It’s a good idea to do so, though, because there could be tax implications depending on the way you move forward and how you divide your assets. If you own a company or substantial assets, it’s even...
The Collection Due Process appeal is your opportunity to seek an independent review of your tax assessment to be sure that the Internal Revenue Service has not made a mistake. The CDP appeal is used to appeal any enforcement actions, such as federal tax liens,...
If you’re looking at a tax bill that you cannot afford at the moment, one potential option is to ask the IRS to agree to an installment plan. Essentially, they give you an extended time frame and you must make installment payments on a set schedule until the debt is...
Tax fraud is the illegal and intentional act of falsifying your taxes in order to reduce what you pay. The intent is important. Simply making a mistake on your taxes is not the same. Many people make mistakes and will never face criminal charges or serious...
If you’re required to pay federal income tax, and you probably are, it’s critical that you do so with good intentions. Sure, you may make mistakes every now and again, but as long as you have the right intentions you should never find yourself facing criminal charges....
The Internal Revenue Service's audit department is busy, but it is not because most taxpayers' returns contain questionable information. Less than 1% of the population is audited every year, which is a far lower number than it used to be. IRS staffing and funding are...
When it comes to taxes, not all states are created equal. Some have higher tax rates than others, which can greatly affect residents' economic positions. Connecticut residents in particular carry a significant tax burden, as tax rates here are some of the worst in the...
Like other Connecticut residents who haven't file tax returns for several years, you may have had one bad year where you failed to file, but thereafter, it became a downward spiral. Granted, if you are due a refund, you are not obligated to file a return. However, you...
Being the subject of a tax audit can be an unnerving experience. Panic is the overall feeling people have when they find out they are being audited. However, Connecticut residents can help themselves by remaining calm and seeking assistance to handle the matter as...