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A Business Owner’s Guide to IRS Notices, Collection Timelines, Personal Liability, and Resolution Options Why this guide matters Payroll tax debt is not ordinary business debt. The income tax and employee share of Social Security and Medicare withheld from paychecks are “trust fund taxes.” The IRS expects these funds to be held for the United […]

What It Means, Why It Matters, and What to Do Next A practical guide for taxpayers who received a notice of proposed changes to a federal income tax return First, take a breath. A CP2000 is not a bill and is not a formal audit notice. It is a proposal based on information the IRS

The Silent Payday Theft: When Your Employer Is Forced to Join the IRS Collection Team You walk into the breakroom to grab a cup of coffee, and your manager asks to see you in their office. You assume it is about a project, a deadline, or maybe even a promotion. Instead, they slide a piece

 IRS SUBSTITUTE-FOR-RETURN(SFR)What it is, why it happens, and how to take back control A friendly but important warningWhen a required return is not filed, the IRS may prepare its own version using the information available to it. That version is designed to establish and collect a tax liability – not to claim every deduction, credit, expense,

Most of my clients would agree, few pieces of mail cause as much immediate anxiety as an envelope from the Internal Revenue Service marked “Notice of Examination.” What I say to my clients experiencing this, is take a breath. An audit is not an accusation of wrongdoing, and it is not the end of the

It usually starts with a single envelope. It looks official, a bit cold, and has that unmistakable return address in the corner: Department of the Treasury, Internal Revenue Service. Maybe you were busy, or maybe you knew you owed a little something you couldn’t pay, so you tucked it under a pile of magazines. Then

Did you know that the IRS has the legal authority to seize a portion of your paycheck without ever getting a court order or appearing before a judge? Unlike private lenders or credit card companies that have to jump through legal hoops to garnish your wages, the IRS only needs to send a final notice

OPT IN OR OPT OUT? Demystifying the BBA Centralized Partnership Audit Regime If I asked you, “Would you like to opt in or opt out?” you would most likely ask, “Opt in or out of what?” To which I would reply: the Audit Regime under the BBA — for a partnership. To which you might

You are driving to work, minding your own business, when the radio volume jumps. A booming voice asks if you are sick and tired of the IRS. It promises a magical ‘Fresh Start’ to wipe away your debt for pennies on the dollar. It sounds like a secret backroom deal or a special favor only

You know that heavy, sinking feeling that hits when you walk past the stack of unopened mail sitting on your entryway table? The one that makes you feel like an intruder in your own life because you know there is at least one envelope in there with a little eagle emblem in the corner? If