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A Deep Dive Into Form 14653

July 22, 2024 | FBAR Tax Help Tax Issues

Living outside the United States while still a citizen can be challenging, as you still have legal obligations and requirements you must fulfill with the U.S. government. It’s easy to fall behind on tax filings and other legal obligations, and in fact, many people don’t even realize they have these obligations until they have lived abroad for years. Luckily, the IRS understands that errors resulting from non-willful co... CONTINUE READING

IRS Notice CP59: What to Do and How to Respond

July 11, 2024 | Tax Issues Tax Notices

Millions of dollars have been completely lost over the years as a result of professional tax scams, so it makes sense to be a little skeptical if you receive a notification from the IRS in the mail. This type of letter might also cause some anxiety, too, which is completely normal.  ... CONTINUE READING

Understanding NY Restaurant Sales Tax Compliance

June 9, 2024 | Sales Tax Tax Audits

Restaurant Sales Tax New York State — Rules and Failed Compliance Complex tax rules govern when, how, and for which products New York restaurants and bars can collect sales tax. It is crucial that restaurant owners understand these intricate requirements and their own obligations before going into business. Mistakes can lead to heavy penalties. Learn more about sales tax on food in New York... CONTINUE READING

Dealing with IRS Form 4564: Information Document Request

June 9, 2024 | Tax Audits

What Is the IRS Information Document Request (IDR) Form 4564? If you’re going through a tax audit, you have a lot on your plate, not to mention stress about what the final outcome will be. Audits happen for a variety of reasons for both businesses and individuals, and some may seem random. The goal is for audits to get resolved as fast and as easily as possible. You’ll need to become familiar with IRS Form 4564 if youâ... CONTINUE READING

What If the IRS Sends a Notice of Intent to Levy?

June 9, 2024 | Tax Levy

What to Expect from an IRS Notice of Intent to Levy Meeting your tax obligations each year is hard enough. What if you start receiving notices from the IRS? This may happen if you make a mistake on your return or you can’t afford to pay your tax debt. Whatever the reason, IRS notices need to be taken seriously. If you’ve struggled to pay your taxes, you may eventually receive something called a notice of IRS levy. T... CONTINUE READING

IRS Notice of Deficiency and Form 5564

May 5, 2024 | Tax Debt Tax Notices

Summary An IRS Notice of Deficiency (Notice 3219A) is an official letter stating that you owe additional tax, which may include penalties and interest. It outlines the proposed adjustments and gives you 90 days to respond. Typically, you’ll receive IRS notice CP2000 first about a possible discrepancy. Form 5564, a waiver, comes with Notice 3219A. You can sign and return it if you agree with the IRS proposal. If you disagree, Yo... CONTINUE READING

Willful and Non-Willful Failure to File FBAR Penalties

April 8, 2024 | FBAR Tax Audits Tax Compliance

FBAR Penalties: What to Expect If You Don't Report Foreign Bank Accounts Nothing’s quite as alarming as finding out you’re in violation of a law that you didn’t know existed. If you have foreign bank or financial accounts, you may be required to file an FBAR every year. Failing to do so could mean paying tens of thousands of dollars in penalties. However, you do have options. Depending on your circumstances, how far behind you are in your filings, and whether or not you paid a... CONTINUE READING

When the IRS Files for You: Substitute for Return (SFR)

April 8, 2024 | Tax Help Unfiled Tax returns

IRS Substitute for Return: What Happens When the IRS Files a Return for You? Statistics from 2023 show that individual taxpayers collectively owe over $316 billion to the IRS in overdue taxes. Many of these taxpayers failed to ever report their taxes, and in these situations, the IRS has the right to generate a substitute for return on their behalf. These tax return estimates often greatly over... CONTINUE READING

IRS Automated Collection System (ACS)

April 7, 2024 | Payment Plans tax collections Tax Help Tax Issues

What to Expect When the IRS's Automated System Tries to Collect Your Back Taxes If you have outstanding tax debts your account is typically sent to the IRS Automated Collection System (ACS). The ACS is a system used to manage the collection of outstanding IRS tax debts from individual taxpayers and businesses. If you have received a notice from IRS ACS and are unsure what to expect, here’s everything you need to know. What is the IRS Automated Collection System?... CONTINUE READING

Understanding Reduced Tax Refunds: How the Treasury Offset Program Works

April 7, 2024 | Tax Debt

Tax season is often met with anticipation as individuals eagerly await their tax refunds. However, some taxpayers may find that their refunds are less than expected or even reduced to zero. This occurrence may be attributed to the Treasury Offset Program (TOP), a mechanism through which the Department of Treasury's Bureau of the Fiscal Service (BFS) can intercept refunds to offset certain debts owed by taxpayers. Let's delve into the details of how this program operates and what taxpayers can... CONTINUE READING