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 […]

Coronavirus: State Tax Relief Changes for Business and Individual Taxpayers

coronavirus state tax reliefEfforts to flatten the coronavirus curve have led to extremely high unemployment numbers and lowered business revenues across the country. As businesses and individuals are struggling to stay afloat, the Internal Revenue Service (IRS) and most state revenue departments have responded by creating a variety of tax relief and deferral options. Are you worried […]

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 […]

IRS Coronavirus Tax Relief: Tax Filing, Tax Payment Deadline, and Other Changes

irs people first initiativeThe IRS changed many tax filing and tax payment deadlines in response to the coronavirus outbreak. The IRS launched the People First Initiative. As a result,  Individual and business taxpayers have additional time to take the following actions:

  • File their 2019 tax returns
  • Pay tax due on 2019 tax returns
  • Make […]

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