Explore your tax payment options any time of year

The IRS understands that taxpayers who owe money need choices on how they can make payments to the agency. The IRS offers three easy tax payment options: Online Phone Mobile device using the IRS2Go app Any time of the year is a good time for you to explore these tax payment options. Additionally, some taxpayers …

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90 Days, the IRS and Tax Court – your probationary period

If you have received a notice of deficiency from the IRS, you probably already know that procrastination is not your friend when it comes to this notice. The IRS issues a statutory notice of deficiency, sometimes referred to as the 90 day letter, if there has been a redetermination of your tax liability. The redetermination …

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CP40 Notice: IRS sending overdue tax accounts to collections

Taxpayers hate to receive IRS letters and the new CP40 notice will be no different! The IRS will soon be sending these to notify taxpayers that their overdue tax accounts have been assigned to a private collection agency. Posted on the IRS website is an example of a IRS CP40 notice. Congress authorized the IRS at the …

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Don’t let the IRS make you afraid of the boogeyman

You’ve seen the commercials and heard the advertisements. How the IRS is going to take away your home, your business, your life savings. Garnish your wages and seize your bank account. Everything you’ve worked for gone in an instant. The scary boogeyman that you should be very afraid of if you ever slip up and …

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Offer in compromise – can I pay less tax than I owe?

I’ve heard the ads on the radio about the IRS offer in compromise program. It really sounds like a great program for taxpayers who have outstanding tax liabilities and just simply cannot pay them. In fact, it sounds like an incredible opportunity to pay less than what the tax debt actually is and have the …

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IRS temporarily increases installment agreement thresholds

The IRS has recently announced the temporary expansion of an existing program allowing taxpayers who are unable to afford their tax bill to set up a payment plan with the treasury. Prior to the expansion, taxpayers owing up to $50,000 could be automatically approved for an installment agreement, without being required to submit extensive paperwork …

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IRS Tax Refund Offset Program Needs Improvement

A recent report from the Treasury Inspector General for Tax Administration (TIGTA) found that the IRS’s computer programming and current processes are not able to effectively identify taxpayers’ outstanding tax debts and apply refunds to outstanding debts. The IRS requires that a taxpayer’s refund be offset first to pay outstanding federal tax debt before it …

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AZ Introduces New TPT Reporting Forms TPT-2 and TPT-EZ

The Arizona Department of Revenue will be issuing new TPT (transaction privilege tax) forms this summer as part of the ongoing process towards TPT reporting simplification. ADOR announced the creation of two new TPT forms, TPT-2 and TPT-EZ. If you have one location and receive pre-printed TPT forms in the mail from the Department, you …

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New FATCA FAQs Released

As many taxpayers attempt to comply with the Foreign Account Tax Compliance Act (FATCA), they are facing challenges understanding and conforming to the requirements. In an attempt to clarify these complex rules, the IRS has issued Frequently Asked Questions (FAQs) on the topic. On December 7, 2015, the IRS released some updated FAQs on FATCA. …

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You Need to File an Amended Return: Now What?

You promised yourself back in January that you wouldn’t procrastinate on your tax return this year. It would be finished and filed by the middle of March, at the latest. But, sure enough, you found yourself scrambling on April 14th to round up all of your tax forms and enter them into TurboTax. And, as …

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