Category Archives: Tax IRS
The Taxpayer Bill of Rights: Part II
In a previous post, we discussed the first five of the ten rights guaranteed to taxpayers by the IRS. Here, we discuss the second half of those important rights and how taxpayers can benefit from exercising them. The Right to Finality One of the rights guaranteed by the IRS is the right to finality…. Read More »
Tax Credits Can Offset Summer Day Camp Costs
The summer months can be an expensive time of year for many parents and caregivers who are tasked with entertaining their children while school is out. The good news is that some of these costs, including expenses for summer day camps, can often be offset by certain tax credits, including the Child and Dependent… Read More »
Preparing for Natural Disasters
In response to peak hurricane season in the east and elevated wildfire risks in the west, the IRS officially designated September as National Preparedness Month. During this time, taxpayers across the nation are encouraged to develop emergency preparedness plans or if they already have such a plan in place, to update it for 2024…. Read More »
Many Taxpayers Receive Erroneous Balance Due Notices
Recently, the IRS announced that thousands of taxpayers have mistakenly received CP14 Balance Due notices, indicating that they owe an additional payment to the IRS. Additionally, taxpayers who paid their 2023 taxes electronically also reported that their accounts continue to say “pending” despite the fact that the agency received and processed their payments through… Read More »
Misleading and Inaccurate Tax Information Circulating on Social Media
Social media platforms have made it easier than ever to stay in touch with family and friends and to keep abreast of the latest news. Unfortunately, these platforms are also used for more nefarious purposes, like spreading false and misleading tax information to the public, which in turn can lead to tax issues and… Read More »
Business Tax Payment Plans
Individual taxpayers who are unable to pay the taxes they owe to the IRS are often eligible for payment plans that allow them to pay those debts off over time, with fewer penalties. Many, however, are unaware that such options also exist for businesses, which can also qualify for long-term payment plans. Installment Agreements… Read More »
New Tax Scams Target Art and Charitable Donation Deductions
The IRS recently warned taxpayers of three new tax schemes that are currently being used by dishonest promoters and unscrupulous tax companies. Read on to learn more about these schemes and how to protect yourself come tax season. Improper Art Donation Deductions More and more taxpayers have become targets of schemes that distort tax… Read More »
Did You Miss the April Tax Deadline?
Although the April tax deadline for filing 2023 returns and tax payments has passed, those who missed this deadline still have options for filing. It’s also important to remember that for those who requested a filing extension, that extension only applies to filing their tax return, not to making payments to the IRS. Individuals… Read More »
When the IRS Can Offer Disaster-Related Tax Relief
The last few years have seen an ever increasing number of devastating natural disasters in the U.S. Whether they take the form of hurricanes, winter storms, or wildfires, the results often have catastrophic consequences for those who live and work in the affected areas. In an effort to help these individuals, the IRS works… Read More »
The Importance of Safeguarding Tax Information
With the tax deadline officially past and the peak periods for natural disasters rapidly approaching in Florida and elsewhere in the U.S., taxpayers across the country are being encouraged to take steps to protect their important tax and financial information. Such preparation can go a long way towards helping taxpayers feel secure, especially in… Read More »
