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 […]
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 […]
Efforts 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 […]
Over the last five years, the Internal Revenue Service (IRS) has issued over $2 billion in erroneous or fraudulent tax refunds related to amended tax returns. On July 31, 2019, the U.S. Treasury Inspector General for Tax Administration (TIGTA) released a report. The report detailed why these mistakes are happening. It also outlined […]