Charles Corsello

About Charles Corsello

Charlie Corsello, a graduate of Georgetown University, is a licensed enrolled agent who has been working in the tax resolution industry for over 10 years now. He is a previous owner of tax resolution firm. Consequently, after opening a tax resolution firm, he became a tax professional, passing the IRS enrolled agent exam. Finally, Charlie regularly contributes by providing blog posts and tax articles.

Lower Your Tax Liability With These 12 End-of-the-Year Tax Strategies

The end of the year is here, and while dealing with the hustle and bustle of the holiday season, you should also stop and think about taxes. If you act quickly, there are all kinds of steps you can take now to reduce your 2020 tax liability and even a few things you can do at the beginning of next year.

1. Defer Income

If possible, ask […]

December 16th, 2020|Uncategorized|0 Comments

Tax Avoidance vs. Tax Evasion: Everything You Need to Know

tax-evasion-vs-tax-avoidanceMost people are looking for a way to reduce their tax bill, but it can be daunting to figure out how to minimize tax liabilities without getting on the IRS’ radar. Despite the similar terms, tax avoidance and tax evasion have key differences that can help individuals and families make the best financial decisions for their situation.

Review this […]

July 7th, 2020|Tax Tips|0 Comments

2019 IRS Levies Up 22%, Liens Up 33%, & Individual Audits Dropped 25%

The IRS released data for 2019 with a few interesting numbers related to enforcement actions and audits. We will review and compare the number of tax liens, tax levies, and audits in 2019 as compared to previous years.

Tax Liens Increase by 33%

When an individual or business has a tax bill that does not get paid, the IRS eventually will file a tax lien. The […]

IRS Offer In Compromise Acceptance Rate Falls 7.4% In 2019 to 32.99%

irs offer in compromise acceptance rate 2019The IRS released data recently on the Offer in Compromise (OIC) acceptance rate for 2019. The OIC acceptance rate decreased by 7.4% when compared to 2018. The dollar amount for all accepted OICs increased by 10.76% or about $28.1 million. That represents an average of $16, 177.86 […]

Are Paycheck Protection Program Loans Taxable If Forgiven?

ppp forgiven loan not taxable

Paycheck Protection Program (PPP) loans provided a much-needed boost of working capital to businesses that were struggling amid the coronavirus. While the PPP loan helps cover payroll and utilities, these loans are forgivable, but from a federal tax perspective, they don’t work like other forgivable loans. Is your PPP loan taxable? Here is […]

June 2nd, 2020|Tax News|0 Comments

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