Taxpayers have the opportunity to come forward and voluntarily address their tax noncompliance through the IRS Voluntary Disclosure Program. This article examines the advantages of...
The most common method used to pay off old IRS debt is the Monthly Payment Agreement or Installment Agreement. If you owe the IRS $50,000 or less, you can only get a 72-month installment...
Posted by Pat Raskob on 07/12/2022
An OIC (Offer in Compromise) is a payment option that the IRS makes available to taxpayers. It enables you to pay off your tax debt without "going bankrupt" or "breaking...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 12/18/2021
Donating to a charity does not only help advance a cause that you have passion for, it also helps bring down your tax bill. This article explores everything you need to know about...
Posted by Carmen Garcia on 07/17/2021
Most taxpayers are only concerned with completing the filing process as quickly and easily as possible. That being said, when it comes to answering each question, please think carefully...
Posted by Carmen Garcia on 05/30/2021
The Internal Revenue Service can impose a huge number of tax defaulters that do not pay taxes or do not pay on time. These penalties may also include financial penalties imposed on...
One of the most common mistakes businesses make is not having the right status for a worker. The options are employees or self-employed.An independent contractor (IC) carries out an...
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
Background. Effective for each tax year beginning after December 31, 2017, an ATEO is generally subject to a special tax (currently 21%) on the amount of any employee's overcompensation...