Category Archives: Tax IRS
When The IRS Freezes Your Florida Bank Accounts: What You Can Do
There’s nothing quite as alarming as waking up to find your bank account has been frozen. The Internal Revenue Service (IRS) must provide advance notice, but it can still come as a surprise. One day, your accounts are easily accessible. Next, you are locked out and may not even understand why it happened. This… Read More »
Out-of-State Income? Tax Planning Tips for Florida Retirees
Retiring in Florida offers many perks, including a lower cost of living and no state income tax. However, managing your tax situation could be more complex than expected if you receive any income from outside the state, such as a pension or rental income. Many retirees don’t realize that although Florida doesn’t tax personal… Read More »
Did You Get an IRS Tax Notice? What It Means and How to Respond
No one likes to receive a letter from the Internal Revenue Service (IRS). Even a simple notice can cause anxiety, especially if you are unsure what triggered it or how to respond. The good news? Not every letter from the IRS signals trouble. Some notices are informational, while others may require a timely response…. Read More »
Can the IRS Garnish Your Wages? What Florida Taxpayers Need to Know
Finding out you have an outstanding tax bill is stressful enough. When the government begins taking money directly out of your paycheck as a result, it can justifiably cause panic. Wage garnishment, otherwise known as a wage levy, is a collection tool that allows the IRS to seize a portion of your wages to… Read More »
IRS Penalties: What Triggers Them and How to Fight Back
Receiving notice of a tax penalty from the Internal Revenue Service (IRS) can be unsettling, especially if you don’t understand the reason behind it. While the IRS issues penalties to encourage timely and accurate tax filings, many taxpayers feel blindsided or overwhelmed by the amount they owe. Fortunately, not every penalty is set in… Read More »
Is Your Florida Business at Risk for a Payroll Tax Audit?
When you run a business, staying compliant with payroll tax requirements is just as important as paying income taxes. Unfortunately, small and mid-sized businesses are often targets for payroll tax audits, especially when mistakes are made in withholding, depositing, or reporting employee wages. These audits can lead to severe financial penalties and, in some… Read More »
Why the IRS May Reopen a Closed Tax Year (And What You Can Do About It)
Florida taxpayers often breathe a sigh of relief once tax season ends. However, under certain circumstances, the IRS can and does reopen closed tax years, sometimes going back several years beyond the standard window. If you receive notice that a closed tax year is under review, do not panic. Don’t ignore the situation, either. … Read More »
Do You Owe Taxes on Debt Forgiveness? What Florida Residents Need to Know
If you have recently had debt forgiven, you are likely feeling relieved. Unfortunately, that feeling could be short-lived. Many Florida residents do not realize that, in some cases where a creditor forgives a debt, the Internal Revenue Service considers it as income. This means that the debt forgiveness you were so happy about could… Read More »
IRS Payment Plans: What All Florida Taxpayers Need to Know
Large federal tax debts can happen for a variety of reasons. Trying to work with the Internal Revenue Service (IRS) to resolve the issue can be overwhelming, especially if you do not have the funds to pay the total amount owed. Fortunately, the IRS payment plans allow taxpayers to settle their tax debts over… Read More »
What You Need To Know About Filing a Tax Extension in Florida
Many Florida taxpayers need extra time to get their paperwork together, especially if they are self-employed, own a business, or are waiting on important financial documents. Filing a tax extension can give you some breathing room, but it is important to understand what getting one does and doesn’t do. Florida tax-IRS attorney Ronald Cutler,… Read More »