Jim Payne's Tax Blog in Gainesville, FL

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I represent taxpayers in Gainesville and the state of Florida who have tax issues with the IRS.  That all-important first step in getting out of an IRS mess is to do an analysis of the IRS Account Transcript. This transcript shows all the transactions by tax year, starting with the assessment for...
09/11/2023
The IRS really hates businesses that fail to pay their payroll taxes for good reason. The government ends up paying for these failures twice. First, they never get the money. Second, they end up having to credit the employees with the withholding and potentially pay refunds on the money they neve...
02/09/2023
If you owe the IRS money, you might be considering an Offer-in-Compromise (OIC) as a way to settle your tax debt for less than the full amount you owe. This is the so-called "pennies on the dollar" approach you hear in ads. While an OIC can be an excellent way to resolve your tax debt, it’s essen...
02/07/2023
Darren Guillot, Deputy Commissioner, Collections and Operations Support announced on January 20th that the trial policy of allowing installment plans without requiring financial information for tax debts up to $250,000 is now permanent.Why is this a Big Deal?The requirement to provide financial i...
01/26/2023
It happens. The IRS audits you and makes an assessment that you know is wrong. Maybe you missed the audit appointment, and the auditor disallowed all your deductions. Or maybe the IRS has a 1099 or W-2 showing that you have unreported income and you have never heard of the issuer. If you just can...
01/24/2023
The IRS accuracy penalty is a charge that the IRS imposes on taxpayers who file inaccurate tax returns. The penalty is equal to 20% of the amount of taxes that are owed as a result of the inaccuracies. This can be a hefty amount so it’s worth considering what you can do to minimize their potentia...
01/17/2023
The IRS tries to keep its processes for selecting returns for audit a secret. However, we do know some of the general steps. The majority are selected by computer-generated scores that are based on how different an individual return is from an average return. The higher the score, the more likely...
01/13/2023
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A lien is a legal claim or right against someone else’s property, usually for the payment of a debt. The IRS can place a lien on your property if you owe taxes and have failed to pay them. This can be a very stressful and difficult situation to deal with, but it is important to know your rights a...
12/27/2022
The IRS can levy social security benefits. Even worse, that levy can continue even though the statute of limitations has expired. The question is how often does the IRS levy social security payments? And what can you do if it does?The IRS annual statistics report does not drill down anywhere clos...
12/20/2022
The CP11 letter arrives in the mail. You open it up and see the words "We made changes to your return because we believe there is a miscalculation. You owe money on your taxes as a result of these changes." Yep, this is going to be a great day. Usually, these notices are vague. They typically lis...
12/13/2022
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Jim Payne, CPA

CPA firm practicing in the area of IRS Collections
smartphone(352) 317-5692
local_phone(352) 376-9401
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