What to Do If Your Tax Preparer Makes a Mistake It takes a great deal of professionalism for your tax expert to prepare your tax returns accurately and without mistakes. When errors occur, however, this might get you wondering how they can affect you as a taxpayer and the steps you ought to take to [...]
What Happens If You Miss the Tax Filing Extension Deadline? Every year, the IRS grants taxpayers until April 15 to correctly file and pay their federal income taxes. People who cannot meet up with this deadline to file due to certain reasons can request an extension until October 15 by filling out and submitting IRS [...]
IRS Spouse Tax Relief Options Explained Getting married is a beautiful commitment and it certainly means sharing your life with your spouse in so many ways than you planned. You may be joining two separate households, including your finances. If you did not discuss it before you gave your consent in marriage to your spouse, [...]
IRS Letter 6174-A and Cryptocurrency Tax Reporting Getting a letter from the Internal Revenue Service is certainly one that drives fear down your spine. You should not panic as not all notices completely victimize you. If you receive the Letter 6174-A, it just implies that the IRS believes you may have faltered in your taxes [...]
IRS Compliance Campaigns and Taxpayer Risks The IRS constantly makes announcements to create awareness and put fear into the American taxpayer. The IRS has launched over 59 campaigns to date. Recently, the IRS announced a slate of six compliance “campaigns” from its Large Business and International (LB&I) Division, which makes it seem like they are [...]
Common IRS Audit Triggers and How to Avoid Them If you have already filed your taxes for this year, you do not need to panic as none of the following applies to your tax return. But if you have not filed your taxes for this year, you still have time to make sure you minimize [...]
IRS Letter Holding Refund for Review The purpose of IRS Notice CP07 is to let taxpayers know that their tax refund is being held until the IRS can complete a more thorough review of the benefits claimed under a treaty and/or deductions claimed on the taxpayer’s Schedule A. This usually happens after the IRS has [...]
IRS Letter 2257C: Balance Due Total to Taxpayer Letter 2257C means “Balance Due Total to Taxpayer”. This letters 2257C are responses to your oral or written request for a pay-off amount for any balance due you have to the IRS. The total amount reflected in your letter is how much the IRS is seeking so [...]
IRS Letter 0757C: Installment Agreement Termination Notice IRS letter 0757C informs taxpayers that their installment privilege (agreements) has been terminated. Installment agreements are used to repay taxes owed to the IRS. United States Taxpayers who fail to file a tax return or fail to pay taxes by the deadline are subject, by law, to penalties [...]
IRS Notice CP2566The IRS Notice CP2566 is to inform taxpayers that the IRS still has not received the Form 1040. This means that they must file a tax return. The IRS had to calculate your tax, penalty and interest based on wages and other income reported to us by employers, financial institutions and others. This [...]
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