IRS

If you can’t pay your taxes, you still have options. You can set up an online payment plan, if you owe less than $50,000 (or $25,000 for businesses) and are current on your tax-filing obligations. You could apply to pay in monthly installments, through an installment agreement. And if you can get the IRS to […]

In the classic story of “Romeo and Juliet” there is a well-known and often repeated line, “What’s in a name?” In the tax world, a name can mean the difference of thousands of dollars. It is important for business owners, employers, employees and independent contractors to understand the distinction between titles and to plan for […]

In our last post, we discussed the procedural requirements that the Internal Revenue Service follows before filing a Notice of Federal Tax Lien. Although a federal tax lien against one’s property may seem like a drastic action, it is important to understand that there are other, sometimes more immediate actions the IRS may employ in […]

If penalties and interest weren’t enough to intimidate taxpayers who are accused of unpaid taxes, the IRS also can file a federal tax lien against one’s property. Since a tax lien can affect an individual’s credit score, it is important to understand how this collection tactic may arise. As a law firm that focuses on […]

Our tax law website contains a wealth of materials that can help shed light on the myriad administrative processes of the Internal Revenue Service, not to mention the often confusing application of federal tax laws. For example, we offer an article on the IRS’ Offer In Compromise program, sometimes referred to as part of the […]

What does the tax year hold for small businesses? Startups and small businesses are often touted as the backbone of an improving economy. Yet are there corresponding tax breaks offered to small business entrepreneurs? New federal legislation might offer some benefits to small and mid-sized businesses with assets subject to a depreciation schedule. Section 179 […]

The financial pressures on the country are about the only things that seem to be a certainty these days. The recent stop-gap move by Congress this past week has avoided the fiscal cliff for now, but there are a lot of things that lawmakers in Washington, D.C., are going to have to deal with in […]

Cognizant of the benefit that some tax credits and deductions have already provided to taxpayers, federal lawmakers recently made some tax extenders permanent. Even the name of the legislation is revealing: the Protecting Americans from Tax Hikes Act of 2015. The legislation makes certain credits and deductions permanent, such as the enhanced Child Tax Credit, […]

We should never take it for granted that particular transactions will not have tax consequences. Even the providing of gifts can be subject to IRS tax laws. This is particularly true of gifts between U.S. citizens and citizens of another country. Gifts provided to foreign citizens receive the same treatment as gifts between U.S. citizens. […]

In November, tax season may not be on anyone’s mind. After all, the holiday season is just around the corner, so most people are concerned about where they will be travelling for Thanksgiving or Christmas, and whether they have to prepare for extended family to spend time with them. Nevertheless, people are still apt to […]