With the April 15th filing deadline quickly approaching some people are undoubtedly reaching a state of panic. You have finished your return and there is balance due to the IRS. Worse, you do not have the money. Now what?! Do you hold onto the return and not file? No. This is the worst thing you could do. By doing this you not only incur interest and penalty for not paying on time, but also get some late filing penalties added to the mix. No, go ahead and file. Include payment for as much as you can and include a note explaing how you plan to pay the balance. There are also alternative payment options to consider. Based on your circumstances, you may be granted a short additional time to pay Click to continue »
IRS Taxpayer Advocate – At Your Service
Written by Jack on April 2nd, 2009Before I get into my post regarding the Taxpayer Advocate Service, I want to caution you not to think of this as a replacement for paid representation. You will, without a doubt, be better served by a paid professional when dealing with the IRS. That being said, not everyone has the resources to pay, and for them, this is a valuable service. Just never forget that taxpayer advocates are IRS employees who will not always take care of your interests the way a paid representative will. With that out of the way, Click to continue »
New 5 Year Loss Carryback To Help Struggling Small Biz
Written by Jack on March 26th, 2009If you run a small business and you had a loss in 2008 you can now carry that loss back for up to five years rather than the normal two year period. This could be huge. If you have unfiled returns for any of those periods this could be your get out of jail free card. Click to continue »
Wage and Bank Account Levies
Written by Jack on March 21st, 2009You’ve received notice that the IRS has placed a levy against your wages or bank accounts. What does this mean? What can you do? Click to continue »
Unemployed and Back on your IRS Taxes?
Written by Jack on March 12th, 2009Times are tough, many are unemployed or underemployed. With the unemployment rate climbing and not much relief in sight, the IRS has decided to go a little easier on some taxpayers. Don’t get too happy, you aren’t off the hook and the penalty and interest clocks will continue to click. Click to continue »
First Things First – File those refund claims now!
Written by Jack on March 5th, 2009Let’s cover the big news first. If you do not owe anything on an unfiled return there is almost never a penalty. If you are due a refund you can still claim it up to 3 years late! Click to continue »