Few things have the potential to be more stressful than falling behind on your tax payments. After all, the Internal Revenue Service has many collection tools at its disposal. These include levying your bank accounts and seizing your home. In some cases, the IRS even...
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Tax Controversies
When does tax evasion result in going to prison?
Punishable by steep fines and jail time, tax evasion has serious consequences. Understanding the difference between tax evasion and making errors when filing helps give you a better idea of who might face prison time. While the IRS does not pursue every situation of...
Can the IRS levy your bank account?
It is virtually impossible to exist nowadays without at least one bank account. Indeed, according to the U.S. Federal Reserve, more than 80% of American adults keep their money in banks. This makes sense, as keeping cash can be quite risky. If you have a bank account,...
When is a home office allowable as a deduction?
Like many other professions, you may have migrated more to working at home over the past few years. If you have spent most of your working day at home, you may have an allowable tax deduction on the horizon. A home office is something the IRS allows those working...
How can you avoid an audit this tax season?
Most taxpayers will go their entire life without having to worry about an audit from the IRS. However, it is important to avoid doing anything that an IRS agent may flag as suspicious regardless. Keep the chances of an audit low by understanding what they might look...
Can you have legal counsel during an IRS audit?
Few life events are likely to cause you more consternation than an Internal Revenue Service audit. After all, an auditor might find problems with your tax return, potentially exposing you to stiff penalties. Fortunately, though, according to the IRS, tax audits remain...
What is the Taxpayer Bill of Rights?
Adopted in 2014, the Taxpayer Bill of Rights is a document that summarizes your legal rights as a taxpayer. These rights were in place prior to 2014, but the Taxpayer Bill of Rights presents them in a straightforward manner. What are your rights as a taxpayer? The...
What distinguishes a tax lien from a tax levy?
Even if you have a mortgage, your house undoubtedly is one of the more valuable things you own. Indeed, according to Zillow, the average home value in the White Plains area is currently more than $750,000. Whether you want to keep your house forever, sell it or take...
Are tax havens legal?
As the old saying goes, "nothing is certain except death and taxes." Despite the certainty of taxes, many people take steps to reduce or even avoid paying them altogether. It is common knowledge that tax avoidance and evasion are not acceptable in the eyes of the IRS,...
Do you understand the basics behind tax evasion?
Tax law is not always easy to understand. With complex terms and conditions, finding yourself in trouble with the IRS may prove avoidable if you get a basic grasp of some of the more common illegal practices. Evasion is one that many may commit without any intention....