Despite the IRS offering numerous tools to assist taxpayers with their tax woes, Offer in Compromise (OIC) “mills” are preying on individuals in tax debt by promising “pennies-on-the-dollar” settlements. The OIC program is in place to help taxpayers settle their tax...
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Tax Debt
AI to Help the IRS Identify Tax Cheats!
The U.S. Government Accountability Office (GAO) reported recently on how Artificial Intelligence (AI) may help the IRS close its tax gap. The tax gap represents the hundreds of millions of dollars in tax that goes unreported and unpaid each year. The GAO reported...
The IRS Hits $1 Billion in Collections of Past Due Taxes from Millionaires!
The Inflation Reduction Act has assisted the IRS in funding programs to identify and collect taxes from high-income earners. The IRS specifically identified 1,600 taxpayers who earn more than $1 million per year and owe the IRS more than $250,000. From these...
Online Options for Paying Taxes and Payment Plans
The IRS has several online options to assist taxpayers with timely payments to reduce or eliminate late fees and penalties. Once the taxpayer creates an online account through the IRS’ online portal, the taxpayer can choose among options to pay including Direct Pay,...
Gig Economy and Other Worker Classification May Differ for Federal and California Purposes
Nearly a year ago, the U.S. Department of Labor issued an opinion that most "gig economy" workers are properly classified as independent contractors.The gig economy labor market is made up of individuals who complete short-term contracts or freelance work, rather than...
Victims of the California Wildfires Must File with County for Property Tax Relief; May Qualify for State and Federal Tax Relief
California counties will not automatically reassess homes due to the recent fires, because the law requires that the counties first receive an application from the homeowner. Those who lost property will need to file the appropriate county casualty abatement...
Corporations with Federal Tax Liabilities Barred from Contracting with Government Agencies
If your company contracts with the Department of Defense, General Services Administration, or the National Aeronautics and Space Administration (NASA), you have one more reason to be compliant with your federal tax obligations: Effective September 30, 2016, these...
Closing a Business in California? Following the rules of the IRS and California Tax Agencies.
When it's time to close a business in California, there are many important steps that must be followed to ensure the requirements of the IRS and the California tax agencies are met. Failing to do so can result in the tax agencies coming back years later to collect tax...
OECD Recommends Steps to G8 to End Offshore Tax Evasion
The Organization for Economic Cooperation and Development (OECD) has identified four steps necessary for transparency and the automatic exchange of information regarding financial accounts through a cost effective and secure system, in an effort to end offshore tax...
Back tax debt problems come to the forefront during tax season
As tax season rapidly speeds by, it's probably a good time for those with tax problems from prior years to take some action to try and resolve those issues. A person who struggles with tax debt often falls into a deep cycle of self-perpetuating procrastination. In...