Just because tax refund season is over, it doesn’t mean that taxes are done. The summer is when the IRS usually sends notices to taxpayers to resolve issues preventing your account from good standing. Below are three Summer notices to watch out for from the IRS.
Tax pros such as enrolled agents are some of the best mediators with the IRS. Great tax pros constantly stay on hold with the IRS agents, deal with tax refund statuses, and find additional ways to reduce further tax issues down the road.
The IRS probably already has your bank information due to its ability to dig. How does the IRS know about your finances? There is one simple answer, a substantial paperwork trail. I have provided some examples below.
Your previously filed tax statements (W-2,1099, etc)...
Have you been willfully ignoring notices about your outstanding tax bill and overdue balance? The IRS can and will notify the State Department to cease your passport renewal and overseas travel. This process is called de-certification.
The IRS exercises the levy as the most common form of seizure. This is achieved through wages earned or money in the bank. According to the IRS, the group issued almost 600,000 levies to third parties like employers and banks in 2017.
A small business is an extension of your family while remaining a representation of its services, values and products. In most cases, businesses are designed for growth. In my experience, most small businesses launch with no more than a couple of people. Over time, th...