How to Avoid the Dreaded Federal Payment Levy Program

Federal Payment Levy Program If you or your business has unpaid federal taxes and you receive income or revenues from the federal government or an agency of the federal government, watch out!  You could be in for a rude awakening when the IRS and Treasury Department team up to keep […]

Cash And Acurral Methods Of Accounting Can Impact The Outcome Of A Tax Collection Case

Accrual Method of Accounting | Installment Agreement |

To some business owners, the accounting part of their business is the last thing they want to deal with.  “Leave that to the accountant or bookkeeper and let me get to work” is the sentiment I get from a lot of small business owners. Accrual Method of Accounting Many business […]

IRS Automated Collection System (“ACS”) vs. Revenue Officer: What’s the Difference?

IRS Automated Collection System | IRS Revenue Officer |

When an IRS tax liability goes to collections, it will either be assigned to the IRS Automated Collection System (“ACS”) or to the Collection field function, where a Revenue Officer will be assigned and charged personally with attempting to collect the unpaid tax.  Some delinquent accounts will initially be assigned […]

What Is An IRS Tax Lien And How Does It Affect Me?

What is an IRS Tax Lien | Notice of Federal Tax Lien |

Federal IRS Tax Lien An IRS Tax Lien is a legal claim on your property for the amount owed. An IRS tax lien is also the legal right to collect on the amount owed. An IRS Tax lien starts when a tax is assessed and you don’t pay it. For […]

Identity Theft and the IRS – Beware of Identity Thieves Stealing “Your” Tax Refund

Fraudulent Tax Return | IRS Fraud | Identity Theft | TaxFortress

You’ve been overpaying your taxes all year long, saving money in your IRS ‘refund account’ with the expectation that you will get that big fat juicy refund early next year. You get some software and prepare your own return or hire a tax preparer exclaiming big money is waiting for […]

Exploring the Consequences of Paying S Corporation Shareholders Unreasonably Low Wages

S Corporation | Penalty Abatement | S Corp | TaxFortress

If you are a shareholder in an S Corporation and you also work for that S Corporation, it is critical that that you pay yourself a reasonable wage. Many S Corporation owners take little or no compensation in the form of wages and, instead, disproportionately pay themselves in the form […]