News

As the year comes to an end, there are some steps you can take now to make sure your tax filing goes smoothly in 2022.

The IRS Criminal Investigation Fiscal Year 2021 Annual Report highlights over 2,500 criminal investigations, $10 billion identified from tax fraud and financial crimes, and a 90% conviction rate.

Millions of people use payment apps like Venmo, CashApp, PayPal, etc. to send money and make payments. If you are using these apps to receive payment for your business, you could be affected by a tax change coming in the new year.

The IRS is reminding Americans that a tax deduction will help Americans deduct up to $600 in donations to qualifying charities on their 2021 tax return.

Private collection agencies are used by the IRS to collect overdue tax debts and the new contracts started September 23, 2021. Taxpayers with unpaid taxes may be contacted by them. The newest contracts have been awarded to CBE Group, Inc., Coast Professional, Inc., and ConServe. 

Taxpayers dealing withthe IRS have the right to finalitywhengoing through an audit. Taxpayers have the right to know when the IRS has completed the audit. This is one of the ten basic rights owed to taxpayers, collectively known as the Taxpayer Bill of Rights.Here’s what these taxpayers need to know:

Watch this month’s podcast episode HERE !

The Taxpayer Bill of Rights outlines fundamental rights every Taxpayer has in IRS matters. It codifies a Taxpayer’s right to challenge an IRS  and be heard.

The short answer is it depends. Although the purpose of the bankruptcy system is to give a debtor a discharge of the debts it is unable to pay and to give that debtor a fresh start – in many cases, that debtor is still liable for tax debt even after filing for bankruptcy.

Our latest episode of our podcast, Talkin’ Tax, went in depth of the difference between Liens and Levies. 

A lien is a legal claim against a Taxpayer’s property to secure payment of the tax debt. Meanwhile, a levy is a legal seizure of a Taxpayer’s property to satisfy a tax debt. If you want to learn more about the difference, check out our Lien vs. Levy podcast episode.