Recent Blog Posts
What is an Offer in Compromise?
An Offer in Compromise is a type of IRS payment plan that allows taxpayers to settle their tax debts for less than the full amount of what they owe to the agency. When determining whether someone is eligible for an Offer in Compromise, the IRS looks at a variety of factors, including the person’s… Read More »
What to Know About Traditional Individual Retirement Arrangements (IRAs)
Individual retirement arrangements (IRAs) are a type of personal savings arrangement that gives taxpayers a number of tax advantages when they set money aside for their retirement. There are a number of different types of IRAs, all of which can be set up with a bank, an insurance company, or another kind of financial… Read More »
Many Taxpayers Still Owed Refunds
According to the IRS, more than 1.5 million taxpayers are still eligible for a refund for tax year 2019, but cannot claim it until they submit a tax return for the same year. The agency estimates that these refunds total nearly $1.5 billion, with an average median refund of almost $900. In most cases,… Read More »
IRS Payment Plan Options
Fortunately, just because a taxpayer cannot pay what he or she owes to the IRS in full, does not mean that that person is out of luck. This is because the IRS offers a number of payment plan options, including both short and long-term installment agreements. We’ve included information about a few of those… Read More »
The Tax Implications of Selling Your Home
Many people relocate in the summer, when vacations make it easier to take time off from work. While relocating can be an exciting venture for a family, it can also come with important tax-related repercussions if the move involves selling their current home. For instance, taxpayers who sell their primary residences could be eligible… Read More »
Arkansas, Mississippi, and New York Storm Victims Qualify for Tax Relief
Victims of the recent storms in Arkansas, Mississippi, and New York now have until the end of July and mid-May respectively, to file their individual and business tax returns and to make tax-related payments. For help determining whether you qualify for these tax relief measures, reach out to an experienced tax attorney today. Filing… Read More »
How The IRS Will Contact You
The IRS only initiates direct contact with taxpayers in certain situations and in particular ways, namely when a taxpayer has failed to file a tax return or is struggling to pay a tax debt. Typically, taxpayers who encounter these kinds of tax issues will receive multiple letters through the mail from the agency. It… Read More »
Did You Miss the April 18th Tax Filing Deadline?
Although the deadline for filing taxes for 2022 technically passed on Tuesday, April 18th, those who were unable to file can still do so without incurring significant penalties and fines. There are also options for taxpayers who didn’t file because they are currently unable to pay the entirety of a tax bill. For help… Read More »
Taxpayers Who Reported Certain State Tax Refunds May Need To File Amended Returns
Individuals who filed their federal income taxes early this year (before the April 18th deadline) and who also reported certain state tax refunds as taxable income may need to file an amended return. This primarily affects taxpayers who reported their receipt of special state payments in 2022 that were related to general welfare and… Read More »
Florida Storm Victims Eligible For Tax Relief
Last month, residents of Broward County were devastated by a series of tornadoes and storms, which in turn, resulted in severe flooding. These storms left many residents unable to return to their homes and struggling with their day-to-day needs. In response, the IRS has offered qualifying Florida storm victims extra time to file federal… Read More »
