An offer in compromise (OIC) might allow you to pay off your back taxes completely, but it’s not a guaranteed choice. To begin, all an individual must do is file a request with the Internal Revenue Service (IRS.) The trick is getting the IRS to agree. How to convince...
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Month: March 2021
Study: Wealthiest taxpayers hide 20% of their income from the IRS
Two IRS researchers and three professors recently conducted a study into how much income the wealthiest 1% of Americans are concealing from the IRS. They concluded that these taxpayers hide an average of more than 20% of their income from tax collectors, which implies...
Cash businesses should beware of underreporting income
If you operate a business with significant cash income, the IRS and state taxing authorities are always watching. These businesses offer the illicit opportunity to skim income or launder money, so your accounting practices must be thorough, or you could be charged...
What if I’m accused of tax fraud?
Any time the IRS contacts you about a tax dispute is nerve wracking. But if the IRS accuses you of tax fraud, your anxiety likely escalates significantly. The penalties for committing tax fraud are very stiff. Those found guilty of tax fraud may have to pay fines of...
The IRS is sending incorrect notices of tax delinquency
Have received a notice from the IRS that they haven’t received your federal return? If you filed, you may have received that notice in error. You see, the IRS is still catching up on its unprocessed mail from the pandemic. Currently, there are more than 11 million...