The controversy involving the IRS continues to stir with the most recent revelation being the exorbitant amounts of money spent by the IRS on conferences, particularly for its self-employed and small business units. It […]
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A typical question during a bankruptcy consultation meeting is, “When I am facing financial hardships, how can I pay for my bankruptcy?” Before filing for bankruptcy, you must be very careful how you spend […]
We’re often asked about record keeping requirements. So here’s a general overview of what’s required, and for how long. Then we’ll make some recommendations about how to best comply. To establish that expenditures occurred, […]
The IRS has an annual current budget of about $12 Billion but has been tasked with reducing the budget by about $600 million in 2013. In addition, lots of tax changes and the IRS’s […]
The IRS reports that it sends millions of letters and notices each year to taxpayers for a variety of reasons. While rarely welcome, there are a few things to keep in mind if one […]
In an attempt to acknowledge the significant challenges taxpayers are facing as a result of the severe economic crisis, the IRS introduced the “Fresh Start” program. The program is supposed to make it easier […]
If you’ve already filed a tax return and need to make corrections, you can file an amendment using Form 1040X if it’s a personal return or refile the return and select “amendment” if it’s […]
If you find you owe tax after completing your federal tax return but can’t pay it all when you file, there are some options and some things to keep in mind. Take a Second […]