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How the IRS Seized Millions From Small Businesses: Equitable Sharing or Extortion?
Estimated Reading Time: 8 Minutes If you’re a small business owner, following the rules won’t necessarily stop the IRS from seizing your bank account. Under loose allegations of business owners making evasive deposits, the IRS has taken millions from small business owners. How they did it will shock you Federal law allows the IRS to […]
Can the IRS Take My 401(k) for Back Taxes?
Estimated Reading Time: 7 Minutes If you’ve worked your entire life to save money for your retirement, receiving a notice of delinquent federal taxes from the IRS can pose a serious issue. It may feel unfair and worrisome for both yourself and your family. You may wonder how it is possible for the IRS to take […]
4 Important Things You Didn’t Know About Trust Funds & The IRS
Estimated Reading Time: 5 Minutes As a business owner, whether small or large, you have an obligation to withhold money from your employees’ paychecks for Medicare and Social Security taxes. This is no small matter. The IRS holds you (the employer) accountable to collect these trust fund taxes on a monthly or quarterly basis. An […]
No Health Insurance? No problem. Here’s what the IRS is Now Saying About Withholding Tax Refunds.
Estimated reading time: 8 minutes If you’re one of the 29 million people in the United States worrying about receiving an IRS penalty for not having health insurance in this past year this is good news. So you can take a moment to wipe the sweat off your brow for now. The Trump Administration and […]
1099 vs W-2 Employee: What’s the Difference?
Estimated reading time: 4 Minutes The IRS classifies types of workers as either an employee or independent contractor for tax purposes. If you’re reading this, you may wonder how they classify you. Determining whether a worker is an employee or independent contractor is not as simple as one might hope. It’s a gray area, and […]
Woman sues Howard Stern over airing private call with IRS
On Monday, satellite radio personality Howard Stern was hit with a lawsuit initiated by a woman named Judith Barrigas for allegedly airing a private conversation with an IRS agent on his talk show. Per the complaint filed in Massachusetts federal court, Barrigas called the IRS’s service center on May 19, 2015 to discuss the potential […]
Complete List of IRS Notices
Last Updated: February 24, 2022 In our past blog post, IRS Notices Decoded: What Your IRS Notice Means we reviewed the reasons you may have received a notice from the IRS, advised how you should move forward, and provided a list of common IRS notices with their definitions. Since it’s tax season we decided to […]
I Got a Notice Of Deficiency From The IRS. What Should I Do?
Last Updated: February 24, 2022 What You Should Do After Getting an IRS Deficiency Notice First, take a deep breath and relax. A deficiency notice is not a bill. It simply outlines information sent to the IRS by a third party and proposes how it may affect your taxes. The IRS cross-references information filed on […]