IRS NOTICE OF DEFICIENCY The IRS Notice of Deficiency, also known as an IRS 90-day letter, is a formal written claim by a government agency, usually the Internal Revenue Service—that has found out you owe income taxes, and often interest and penalties. Receiving notices from the IRS can be worrying and anxiety-inducing. This notice informs [...]
What You Need to Know on IRS Tax Declaration During the year, taxpayers all over the country face concern about their taxes. The IRS may seem like a threatening entity working against the taxpayer, but in fact there are many resources that the IRS makes available to help taxpayers maintain their status and pay debts. [...]
IMPLICATIONS OF OWING BACK TAXES TO THE IRS Owing back taxes to the IRS can complicate your chance of getting a dream home. Although you may still be approved for a mortgage with unpaid federal tax debt, you immediately become a riskier borrower because of it. In order for a home lender to approve it, you will [...]
THE IRS REQUIREMENTS ON OFFER IN COMPROMISE Life can be really expensive—student loans, mortgage payments, buying a car, food, clothes, insurance. With all of these bills summing up, paying taxes to the IRS can be really difficult. While falling behind on your taxes is never a perfect scenario, it might be your reality. Fortunately, you [...]
Tax Errors Taxpayers Make In Reporting Taxes to the IRS It is very important to have knowledge of the top tax errors taxpayers make in order to prevent having issues with the IRS. Let us take a look at some of the errors: 1. Failing to report all of your income: It’s quite easy to [...]
WARNING SIGNALS THAT CAN SET OFF IRS AUDITS What is an IRS Audits? An IRS audit is an effective scrutiny or assessment of a taxpayer or business accounts and financial information to make certain the provided information is accurate and complies with tax laws. The IRS conducts audits to ensure the amount you reported on your individual or business [...]
DEALING WITH THE IRS AND TAX PROBLEM Dealing with the IRS and your taxes does not have to be a demanding experience provided that you use the resources to communicate with them. The IRS provides email correspondence that gives taxpayers the opportunity to stay current on tax and filing requirements. However, the tax problem can [...]
IRS CP91The Notice CP91 is usually issued by the IRS to inform the taxpayer that if they fail to pay their debts, they will undoubtedly levy their social security benefits. This notice, however, may have been issued as the final to a string of others prior to it. Usually, the IRS would get in touch [...]
Additional Time given by some states to file tax returns Nebraska The Nebraska Department of Revenue will offer you the automatic six-month extension to file anything like a tax returns for October 15, if you acquire a federal extension or if you send an e-file with an authorized tax preparer. You must file form 4868N [...]
Tax Problems with the IRS Residents of the New York face a number of tax troubles and many of them do not know the right way to solve an IRS tax problems. Therefore, here is a guide that explains what to do if you have a IRS tax problems. Before explaining in detail what to [...]
