News

It’s December!  That means that we’re less than a month away from a New Year. Although this time of year can be extra busy due to the hustle and bustle of the holiday season, it’s important that Taxpayers don’t forget to explore any final tax planning steps they may be able to take now to reduce their tax bill next April. Here are 4 quick tips for end-of-year tax planning.

We’re hearing about it more and more – cryptocurrency.  Digital currency, or “Virtual Currency”/”Digital Assets” as the IRS calls it, particularly cryptocurrency, is becoming a rather popular form of investment for Taxpayers and is also increasingly becoming a point of interest for the IRS.  The IRS’ Criminal Investigation Division has recently announced that cryptocurrency cases will top their criminal investigation “to-do” list in 2023.  Let’s take a closer look at the tax implications of cryptocurrency transactions and what Taxpayer can expect from the IRS when it comes to cryptocurrency moving forward. 

What can the IRS do when you have a tax problem?

The National Taxpayer Advocate has recently spoken about the IRS’ plan for resuming IRS collections notices.  As previously discussed on the Bryson Blog, the IRS suspended the mailing of many collections notices earlier this year due to IRS delays and backlogs.  At this time, the IRS is set to resume these notice efforts over an undisclosed amount of time.  These letters will be regarding outstanding balances, unfiled returns, intents to levy, and withholding compliance. 

As we have frequently discussed in blogs and podcast episodes, IRS Tax Resolution is extremely focused on each individual Taxpayer’s current financial situation. This enables us to custom-craft Case Plans for our Clients based on the particulars of what they can afford to pay the IRS.

When talking about calculating a Taxpayer’s current financial ability to pay the IRS, it is important to know that the IRS has “Collection Financial Standards” that they reference in negotiations. The IRS applies a “Necessary Expense Test” – considering expenses that are necessary to provide for a Taxpayer and their family’s health, welfare, and production of income – in analyzing the Taxpayer’s financials. The Internal Revenue Code (IRC 7122(d)(2)(A)) requires that the IRS have schedules of national and local allowances to ensure Taxpayers have an adequate means to provide for basic living expenses.

October is National Financial Planning Month.  While many of our blogs are based on the steps Taxpayers can take to address back tax issues, we also have many recommendations on tax planning strategies to be used throughout the year BEFORE tax time rolls around. Here’s a look at our top recommendations for Tax Planning this October.

Everyone is talking about the new Inflation Reduction Act, so what is it?

In this episode, we want to help you understand everything you need to know about the Inflation Reduction Act, how it affects you, and how to get ahead of it.

October is a fitting time for this blog post – it’s officially “Spooky Season” (AKA Halloween), so let’s talk about one of the scariest things that can happen to a Taxpayer when dealing with an IRS debt – an IRS Wage Garnishment. In addition to putting the Taxpayer’s employer on notice that they owe the IRS, it also puts the Taxpayer in a tough financial situation. Here are the basics about what an IRS Wage Garnishment looks like and what Taxpayers should do to avoid this happening to them.

It’s common knowledge that the IRS will generally offer Taxpayers who owe back taxes a payment plan if they aren’t able to full-pay the balances owed, but we frequently receive questions from Taxpayers on key components of the IRS Installment Agreement options that are not as well-known. Additionally, something many Taxpayers aren’t aware of is that there are many different types of payment plans with the IRS. Let’s dive into what an IRS payment plan is, how it all works, and the different types of IRS payment plans today.

Did you know that the IRS offers a Work Opportunity Tax Credit to employers who hire workers that are certified members of a targeted group facing barriers to employment?