Category: Blog

When Can a Taxpayer File an Appeal Against IRS Penalties?

Penalty Appeal Eligibility

Being on the wrong side of the IRS can translate into sleepless nights for those at the receiving end. While the IRS has more than a few provisions for taxpayers struggling to meet their tax obligations, in a lot of cases there is nothing people can do to overcome the obstacles they are facing, which can result in IRS penalties. Even in such cases, the IRS keeps its doors open. The Federal authority allows taxpayers to request removal of penalties, provided they meet certain preconditions. If their request is rejected, they might be eligible to request an Appeals conference or

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What Is an IRS Tax Attorney?

hire dallas tax attorney

Lawyers provide an invaluable service for a variety of situations in life. They all have specific areas of specialization, which is the case with IRS tax attorneys in Dallas. IRS tax attorneys are experts when it comes to the Tax code, which is why they are best placed to help individuals and businesses regarding tax matters. Tax attorneys can assist taxpayers in appealing IRS audit results, negotiating tax settlements, and even representing you in court regarding tax issues. There are a number of problems a seasoned Dallas tax attorney can help solve. Let’s take a look at what exactly makes

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All You Need to Know About Federal Tax Liens

understanding federal tax liens

The Internal Revenue Service (IRS) imposes federal liens on taxpayers who owe taxes to the government. A federal tax lien is a document that is filed as a matter of public record with a county government, usually at the location where the taxpayer lives or does business. It informs the general public that the taxpayer owes the government money. Liens can be filed against the taxpayer’s personal property. They keep track of the entire amount owed to the IRS. If a taxpayer sells the property that is subject to a lien, the IRS obtains a portion of the proceeds before

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Tips to Qualify for the IRS Fresh Start Initiative

IRS Fresh Start Initiative

It is never a good time to be on the receiving end of IRS collection activity. Although there are multiple options available to taxpayers for IRS tax debt resolution, the process is stressful and often confusing for those who are unfamiliar with the service’s playbook. This uncertainty and unfamiliarity on its own can lead to indecision and procrastination from even the most well-intentioned taxpayers. Don’t let the bureaucracy or stringent reputation of the agents of the IRS trick you, they are still people. They understand that life and circumstances may prevent taxpayers from paying their back taxes on time. As

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2022 Tax Changes All Taxpayers Should Know

2022-Tax-Changes-All-Taxpayers-Should-Know

For many taxpayers, dealing with the Internal Revenue Service (IRS) can be scary, especially if you are the subject of an IRS tax investigation. If an IRS special agent contacts you regarding an IRS tax investigation, it implies there is some evidence that you may have fallen foul of the tax code. In such situations, it always helps to hire a tax resolution attorney to assist you in finding a resolution. However, the first step to IRS problem resolution is to avoid them altogether by staying updated with the changes in the Tax Code. In this blog, we are going

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A Look at Tax Inflation Adjustments for the 2022 Tax Year

Tax Inflation Adjustments

Most taxpayers across the United States were taken by surprise when in November 2021, the Internal Revenue Service (IRS) published annual inflation adjustments for the tax year 2022. The update covered more than 60 tax provisions, including tax rate schedules and other tax modifications. It is important for taxpayers to stay updated with changes to the tax code to remain compliant. These changes will be applicable when filing tax returns for 2022 in 2023. So, this year, there’s no need to be anxious if you have any unfiled tax returns. Let’s take a closer look at the tax inflation adjustments

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Understanding the Tax Implications of Debt Workouts & Restructurings

Understanding the Tax Implications of Debt Workouts & Restructurings

Ever since the outbreak of the pandemic back in 2020, organizations, as well as individuals, have been finding it increasingly challenging to honor their tax obligations. That explains the rapidly increasing number of applications received for debt workouts and restructuring. While the tax authority offers numerous IRS debt relief provisions to help taxpayers to find their way out of tax liabilities, there could be certain tax implications that the applicants should know before they file their applications, starting with some basics. Bankruptcy Status Requests for debt workouts and restructurings can be filed irrespective of whether or not a taxpayer is

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All You Need to Know About IRS Revised Retirement Plans

IRS revised retirement plans

It is always important to stay up-to-date with changes in the tax code to avoid IRS tax problems. The year 2022 has brought new changes to retirement plans in the US. Firstly, the contribution limit of retirement accounts, including 401(k), 457, and 403(b) has been increased by $1,000, making it $20,500 from the initial $19,500 limit in 2021. Secondly, the traditional and Roth Individual Retirement Account (IRA) contributions have increased tax deduction thresholds. Here’s everything you need to know about the changes and their effects on your income. Reason Behind Increase In 401(k) Contribution Limit The IRS sets a yearly

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A Look at the Initiation of IRS Tax Investigations

About Filing Taxes

There are many reasons why you might end up facing an Internal Revenue Service (IRS) tax investigation. Many taxpayers don’t even know they’re under investigation regarding alleged tax evasion or tax fraud until the IRS comes looking for them. There are many different kinds of tax fraud that all attract different penalties, and without proper counsel, it is easy for issues to spiral out of control. If an IRS agent comes across incriminating information during the civil audit, it can lead to an indictment or jail time in certain cases. When you understand how the IRS initiates its tax investigations,

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3 Benefits of Settling IRS Tax Debts

benefits of settling IRS tax debts

There is every reason to expect bad news from the IRS once you are late with your payments. While this may be true, the IRS offers defaulting taxpayers many options to settle their tax debts to avoid penalties, interest, and other undesirable consequences. The options, such as an offer in compromise and a penalty abatement, present many benefits to taxpayers. Let’s look at some of the benefits of settling IRS tax debts. 1. Avoid Penalties and Interest The main benefit of settling IRS tax debts is avoiding additional interest charges and penalties. The IRS charges a 0.5% failure to pay

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