RECENT BLOG POSTS
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The IRS has put collections on hold over the past few years. Due to a combination of a budget that’s been slashed over the past 10 years as well as the challenges of COVID, the IRS had ceased taking aggressive actions against most taxpayers since 2020. But with $80 billion in funding, that has ...
02/19/2024
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Facing an IRS audit is a daunting experience. The idea of having your financial records scrutinized by the most feared collection agency, the IRS, can shake anyone to their core. The cost in both time and money can seem never-ending.Understanding the top reasons taxpayers get audited by the IRS c...
02/09/2024
What Can I Deduct to Reduce My Tax Liability?One of the benefits in being a real estate agent is the ability to deduct business expenses on your tax return that allow you to lower your tax liability and keep more of your earnings. I often get questions from my real estate agent clients as well a...
01/02/2024
When filing your taxes, one misstep and you might find yourself facing tax penalties and interest that can quickly accumulate, adding strain to your financial situation. This article aims to demystify tax penalties, how they accumulate, and ways to minimize or avoid them. One thing to note is th...
11/15/2023
Taxation, while a civic duty that keeps our country running, can sometimes become a hefty burden for individuals and businesses, especially during challenging economic times. It's that time of the year when we are filing taxes and perhaps owing the government. Fortunately, the tax code provides...
11/02/2023
As the shift from traditional employment to self-employment and business ownership continues, many workers are finding themselves in a brand new situation. The IRS has noticed the shift to gig work, freelancing and self-employment, and their auditors and agents are increasingly focusing on those ...
09/08/2023
Owe the IRS Up to $250K of assessed taxes? The now permanent Non-Streamlined Installment Agreement May Be For You!Earlier this year, the IRS made permanent a pilot payment plan initiated during COVID that may make it easier for taxpayers owing the IRS up to $250K.Before we discuss this program, ...
08/01/2023
The IRS has announced it’s intent to send 5 to 8 Million CP14 notices to taxpayers that filed returns with taxes owed. The CP14 notice is the first in a series of notices that the taxpayer will receive. Each of these notices provides you with information including where you are at in the collect...
05/29/2023
File Your Returns Timely (Even If You Can’t Pay Now)very year, millions of taxpayers who are required to file a tax return, don’t do so timely, or don’t file at all. Many of those are Real Estate Agents and Brokers who have the same responsibilities as larger business owners when it comes to tax...
04/04/2023
I have taxpayers call or come into my office and tell me that the IRS liened my bank account or levied my house. It can all get very confusing and wanted to take a few moments to discuss the difference between a levy and a lien. Why is it important? First, the IRS must follow different rules w...
03/01/2023