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One option if you’re a taxpayer who owes federal and/or state back taxes is to attempt a settlement with the IRS. This is called an Offer in Compromise (OIC)....
Continue readingIndividuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed, according to the IRS. ...
Continue readingIt’s important for buyers to beware when choosing between a professional, licensed tax attorney and a non-attorney tax resolution option....
Continue readingThe worldwide COVID-19 pandemic has given relief to taxpayers in a number of ways, but most prominently has been the IRS giving relief on tax collections efforts until July 15....
Continue readingThe anticipated economic stimulus plan will provide direct payments to millions of Americans, but many people have questions: How much they will receive? How will payments be determined? How will payments be sent/received? When will payments be sent? How does existing tax debt impact the eligibility for a payment? ...
Continue readingRead the top five highlights of the Tax Cuts and Jobs Act for individuals and small business owners....
Continue readingState and Local Tax (SALT as it's commonly called) is one of the most complicated areas of tax law. SALT implications can mean big dollars for high-income earners like MLB superstars, and the destinations chosen by Manny Machado and Bryce Harper make me wonder whether they gave any consideration at all to their SALT burden. ...
Continue readingRead the five reasons why you should always file your tax returns on time, even if you cannot afford to pay what you owe to the IRS....
Continue readingWith the new Federal Tax Law, many people who have previously prepared their own tax returns may be looking for a pro to handle their taxes in light of the new changes. Learn five tips to consider when choosing a tax return preparer (or deciding whether to keep your existing one)....
Continue readingTax lawyer Mark Milton provides guidance to people who haven’t filed tax returns and/or paid taxes to the IRS for several years. ...
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