Category Archives: Tax

Tax Security Checklist

Leaders from the IRS, state tax agencies and the tax industry have called on tax professionals nationwide to take time this summer to review their current security practices, enhance safeguards where necessary and take steps to protect their businesses from global cybercriminal syndicates prowling the internet. Despite major progress by the IRS and the Security…
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Topic No. 653 IRS Notices and Bills, Penalties, and Interest Charges

Generally, April 15 is the deadline for most people to file their individual income tax returns and pay any tax owed. During its processing, the IRS checks your tax return for mathematical accuracy. When processing is complete, if you owe any tax, penalty, or interest, you will receive a bill. Generally, interest accrues on any unpaid tax…
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Offer in Compromise

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances: Ability to pay;Income;Expenses; andAsset equity. We…
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Lesson From The Tax Court: Get It In Writing!

Last week’s case of Jason Aaron Cook v. Commissioner, T.C. Memo. 2019-48 (May 7, 2019) (Judge Colvin), teaches a straightforward lesson: if you are not the custodial parent of a child and want to claim the child as your “dependent” within the meaning of §152, you need to obtain a Form 8332, or an equivalent…
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