Settling with the IRS
Can You Settle with the IRS? Remember when we all thought it was impossible to put a man on the moon? Well, we did it. And now, I’m going to show you how settling with…
Understanding the Employee Retention Credit (ERC) Withdrawal System
Overview The Internal Revenue Service (IRS) has introduced a unique feature allowing businesses to retract their Employee Retention Credit (ERC) claims. This move aims to protect small enterprises from the pitfalls of aggressive marketing and…
Tax Extension Deadline 2023: What You Need to Know About Unfiled Taxes
The October 16, 2023, tax filing deadline is just around the corner, and you need to understand what this means, especially if you have unfiled taxes. The Internal Revenue Service (IRS) has issued a reminder…
Unfiled Taxes: What to Do If You Miss the Tax Filing Deadline 2025
If you’ve missed the tax filing deadline 2025, you’re likely feeling a mix of stress and uncertainty. Whether you’re expecting a refund or owe money to the IRS, unfiled taxes can lead to complications. This…
Tax Court Petition Deadlines & Your Rights After Culp: Understanding the Shift
Decoding the IRS Notice of Deficiency and The Deadline Dilemma The world of taxes is complicated, yet imperative to navigate. Let’s delve into the latest shift, specifically regarding the Tax Court petition deadlines – a…
Millions of Retirement Savers Are Losing Some of Their Tax Breaks: 401(k) Catch-Up Contributions
Retirement is a journey that millions of Americans prepare for, with the 401(k) retirement savings plan acting as their vessel. For years, those aged 50 and older have enjoyed the capacity to bolster their retirement…
Refundable Tax Credit Fraud
By Kelly Hanley, Esq. IRS EITC, CDCC, and Identity Theft The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on the IRS’s efforts to ensure that claims for the expanded Child and…
The IRS Puts a Full Stop on New Covid-Era ERC Claims: What it Means for Back Taxes and Small Businesses
Just when you thought you were getting a grip on your back taxes, the IRS throws another curveball into the mix. With words like “tsunami” and ”rampant fraud” making headlines, the IRS has announced a…
The IRS Crack Down: A New Era of Tax Compliance or a Political Chess Game?
by Kelly Hanley, Esq. New Targets: IRS Auditors Cracking Down on 1,600 Millionaires and Millions of Dollars in 2023 The Internal Revenue Service (IRS) recently made headlines with its announcement to aggressively pursue 1,600 millionaires…
IRS Denies Extension Request for Late Mark-to-Market Election (PLR-120645-22)
Accounting methods are paramount when calculating income and expenses for taxation purposes. One such method is the Mark-to-Market (MTM) method, as explained in §475(f)(1) of the Internal Revenue Code (IRC). In this blog post, we…