Can I Make Installment Payments on My Tax Debt?

Can I Make Installment Payments on My Tax Debt?

If you owe the IRS money and cannot pay the entire amount at once, you might consider applying for an installment payment plan. While these agreements provide you with relief from having to immediately pay the IRS, they still require you to pay the agreed-upon amount...
What are Soft Letters from the IRS?

What are Soft Letters from the IRS?

If you have received a letter via regular mail from the Internal Revenue Service (IRS) asking about a tax position you took on a recent return or requesting additional information, it was likely a soft letter. These letters are one of several pre-audit tools that the...
IRS 2021 Tax Rates

IRS 2021 Tax Rates

A new year brings new tax rate schedules and other updates from the Internal Revenue Service (IRS), including a new standard deduction, an increased Alternative Minimum Tax exemption, and changes to the capital gains tax thresholds. Each year, the IRS makes inflation...
Five Tips As You Organize for the 2021 Tax Season

Five Tips As You Organize for the 2021 Tax Season

It might only be January, but it’s never too early to prepare for tax season. While the deadline for filing 2020 returns isn’t until April 15, 2021, you should start gathering documents and other information now. Both individuals and businesses have the opportunity to...
What Happens When the IRS Suspects Criminal Tax Fraud?

What Happens When the IRS Suspects Criminal Tax Fraud?

When you hear the word “criminal” combined with the words “tax fraud,” you might think of Al Capone, the 1930s gangster who was finally jailed when he pled guilty to tax evasion. But criminal tax fraud isn’t always that high-profile nor does it necessarily involve...
What Should I Do If I Missed the Extended Tax Deadline?

What Should I Do If I Missed the Extended Tax Deadline?

What Should I Do If I Missed the Extended Tax Deadline? If you waited until this fall to deal with your taxes and missed the October 15 extended filing deadline, don’t wait any longer to send in a return. Unless you are due a refund, the IRS will assess fines for not...