Rod's Blog

Check out just a few of the FANTASTIC results achieved for our clients last month! 

We often get calls and emails about the different notices taxpayers can get from the IRS. The notices can be confusing due to the different terms on the notices that the average tax payer may not understand. There are several different types of letters you can get from the IRS and each notice could be for something different and some may need immediate action while others don’t. You can learn more about the different notices here. The notice we are going to talk about today is the Collections Due Process Hearing notice.

As the 2017 tax deadline has come and gone, you may be wondering how the new tax law for 2018 might affect you. The Tax Cuts and Jobs Act has an affect on many of your tax deductions. One of the many changes has to do with the standard deduction you take each year.

Time is running out for taxpayers to disclose offshore financial assets to the IRS. The IRS is ending its Offshore Voluntary Disclosure Program (OVDP). The IRS will officially end the program on September 28^th, giving taxpayers a little over four months to come forward with previously undisclosed foreign financial assets.

Taxes aren’t the most exciting thing in the world, but we thought if we combined America’s favorite pastime with taxes, maybe things would be a little more interesting. We thought it would be fun to dive into the world of NFL players and the ways the new tax law affects their deductions.

It seems like there is always a new scam out there that the government is warning taxpayers about. This year, the IRS released a list of the Top 12 Most Common Type of Scams you will come into contact with. Each scam has its own way of getting you to either give money or enough personal information that they can steal your identity. It’s important to always be vigilante and be wary of unknown email addresses or strange phone numbers you don’t know. Here is the list of the 12 most common scams to be on the look for.

Trying to pay off your tax debt isn’t always at the top of your list. You have your rent or mortgage, car payments, insurance, utilities and other living expenses that come first and trying to fit in a tax payment isn’t always possible. The IRS understands this and you may qualify to be placed in Currently Not Collectible (CNC) status. If your account gets placed in CNC status, the IRS won’t try to collect from you and they won’t levy any of your assets or income. Being placed into CNC will suspend all collection and enforcement activity, and if you already have a levy, the IRS will then release it. While in CNC, the IRS will still assess any penalties and interest to your account and may even keep your refund to help pay back your tax debt. You can also make voluntary payments to the IRS, even if you are in CNC status.

Missed the Tax Deadline? It’s okay, you can still file your federal tax return and pay the taxes you owe. Every year, thousands of taxpayers miss the tax deadline and end up having to play catch up. There are a few tips you can use to handle some after-tax-day issues.

On this month's closed case round up, we see a geologist who got into tax debt due to oil and gas royalties, a business owner whose accountant put him in a worse situation and a plumber who got audited after business slowed down! Check out just a few of the fantastic results we achieved for our clients! 

Congress is looking at reforming the IRS, just days after a computer crash temporarily suspended processing of tax returns on the date of the filing deadline. The House voted to pass bipartisan legislation that would help modernize the IRS’s information systems.