The rise of gig economy work, including freelancing, ride-sharing, and other contract-based jobs, has drawn the attention of the IRS. As more workers join the gig economy, the IRS increases its scrutiny, which impacts how workers report taxes and meet compliance...
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How can taxpayers challenge IRS penalties related to late filing?
Taxpayers sometimes face penalties for filing their taxes late. These penalties can add up quickly, causing financial stress. Fortunately, taxpayers have ways to challenge these penalties if there is a reasonable explanation for the delay. Understand reasonable cause...
How does the IRS classify foreign income for digital nomads?
Digital nomads often earn income while traveling across different countries. Understanding how the IRS treats foreign income is crucial for tax compliance. The IRS rules can be complex, but knowing the basics helps digital nomads avoid penalties. What qualifies as...
Federal tax lien withdrawal after partial payment
When you owe a tax debt to the federal government, the IRS may place a tax lien on your property to secure payment. A tax lien can complicate your financial situation by affecting your ability to sell property, secure credit, or refinance. If you've partially paid...
How many years can the IRS go back for unfiled taxes?
Dealing with unfiled taxes can be daunting. The length of time the IRS can review your tax history, known as the statute of limitations, varies depending on several factors. Understanding the statute of limitations For most tax returns, the IRS has three years from...
Considerations before an early payoff of IRS installment plans
Are you considering settling your IRS debt ahead of schedule? Many people find themselves in a situation where they owe taxes and opt for an installment agreement with the IRS to manage the repayment. However, circumstances can change, and you might want to clear that...
How far back can the IRS audit you?
Dealing with the Internal Revenue Service (IRS) can be daunting, especially if it involves an audit. One common question many taxpayers have is about the extent of the IRS's reach into past tax years. Understanding how far back the IRS can audit can help taxpayers...
The latest criteria for IRS Offer in Compromise acceptance
Navigating tax issues can be complex. The Offer in Compromise (OIC) program by the Internal Revenue Service (IRS) offers a potential solution for eligible taxpayers to settle their tax debts for less than the full amount owed. The acceptance of an OIC depends on...
Understanding IRS penalty abatement
Dealing with the IRS can be stressful, especially when penalties are involved. However, there is a provision called "penalty abatement" that can provide relief in certain circumstances. When dealing with the IRS, you must understand what penalty abatement is, when you...
Do you need a collection due process request?
Receiving a letter from the IRS about unpaid taxes can be unsettling and create a great deal of uncertainty. You might wonder about your options and whether you need to file a Collection Due Process (CDP) request in California. What is a collection due process...