If you owe back taxes, you likely have considerable stress regarding this issue. Whether you recently received a letter from the IRS or you have dealt with unpaid taxes for years, it is pivotal to explore all of your options and address this debt properly. If you...
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Tax Audits
What tax payment options do I have?
If you owe the IRS money, it can be challenging to figure out how to pay that bill. You may not have expected to owe the money, and you may not have it on hand. The IRS explains it offers multiple ways for you to handle your tax debt. Additional time option You may be...
Is student loan forgiveness taxable?
In most cases, when you have a debt forgiven, tax agencies treat them like income. Since President Joe Biden announced he is forgiving student loan debt for many borrowers, there is concern about whether it is taxable. According to Time, the federal government will...
Why does the IRS perform audits?
The idea of a tax audit is nerve-wracking for most people. However, the Internal Revenue Service usually does not perform an inspection at random. There are several reasons that people might receive an audit notice. The IRS is more likely to audit someone if the...
How to prepare for an IRS business audit
You may feel understandable trepidation after finding out the IRS plans to audit your business. Try not to panic, though, as doing so may complicate things further. Instead, try to focus on gathering all the documentation and evidence you might need to explain why...
Information to know about tax audits in 2022
Tax audits remain one of the biggest fears taxpayers have it comes to dealing with the IRS. Increased scrutiny from the tax agency could require you to submit additional paperwork and possibly pay more in taxes. Information on audits can help you decrease your chances...
3 tax missteps that may increase your audit risk
Only a small percentage of California taxpayers wind up having the IRS audit them, and the vast majority of Americans who are the subjects of audits end up participating in the audits via mail, rather than in person. However, there are certain actions you might take...
Is forgiven debt taxable?
Debt settlement is a way to seek assistance when a person can not manage or make payments on their debt. Though this exists as a useful option for many people struggling financially, it is also a potentially complex matter, and it is important to understand as much...
How does the audit reconsideration process work?
When the IRS decides to audit the tax return you filed in California or another state, the chance of the audit changing something on your tax return is high. Most IRS audits result in one or more changes to your tax return, and in many cases, you may wind up owing...
What happens during an IRS audit?
No taxpayer wants to learn of an IRS audit. While intimidating, most audits have a relatively fast resolution. They are not always an indication of wrongdoing, just that the IRS would like more information. While every situation is unique, there is some general...