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Tax problems can happen to almost anyone. Perhaps you got behind on your estimated payments as a self-employed individual, or you withheld too little from your paycheck, and now owe thousands of dollars to the IRS. Whatever…
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There are few things that are more intimidating than getting a letter from the IRS. When you see that envelope, you may be worried about an impending audit or that something is wrong with your taxes. If…
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The IRS isn’t the only government entity that audits your tax return. The New Jersey Division of Taxation could opt to audit your state return, and the process can be equally stressful and complicated.
The statute of…
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Paycheck Protection Program
If your business is in immediate need of cash, the federal government has rolled out several different programs to assist businesses, one of which is the Paycheck Protection Program. The Paycheck Protection Program (“PPP”)…
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When you can’t afford to pay your tax debt, the IRS relies on collection statement forms to determine if you are able to pay and, if so, what options are available to you. At present, it uses…
The IRS and state governments have announced various tax relief programs due to the coronavirus. We’ll do our best to keep this page updated with the most up to date information.
The IRS’s Coronavirus Tax Relief Announcements
As of today…
The IRS has three years from the due date of a return or when you actually file the return to audit you. Most audits are completed in under a year, but they can sometimes take longer.
Bear in mind that…
Although everyone dreads the prospect of a tax audit, they’re a rare occurrence. In 2018, the IRS audited an estimated 1 million returns, which is only 0.5% of all returns filed the year before. Situations that can trigger a tax…
Out of all of the offenses in the U.S. Tax Code, tax fraud results in the highest number of charges being laid. According to the U.S. Sentencing Commission, 517 of the cases it handled in 2018 involved income tax evasion.…
Last March, attorney
Michael Avenatti, who is best remembered for his representation of actress
Stormy Daniels, proved that failure to make estimated tax payments is a
bad idea. In addition to being charged with providing false tax returns
for…
