There are two parts to settling up with the IRS: assessment and collections. I took a look at what you need to know about IRS collections and statutes of limitations—you’ll find it here.
*** The link will take you away from my site. You’ll find most of my new work at Bloomberg Tax (don’t worry, it’s outside of the paywall). You can find out more about my new gig here.
Bookkeeping is an important factor of properly running a business. Many people tend to think that bookkeeping and accounting are one and the same. However, they can be very different. Bookkeeping is the recording of all financial transactions within a business. Kelly invites Nicole Davis to cover everything you need to know on how to…
You knew that it would be just a matter of time before the IRS set its sights on a new bank. Fresh off of victories involving UBS and Deutsche Bank related to tax fraud/tax evasion, the IRS has now targeted an “unknown British bank” for its role in a tax evasion scheme. As before, the…
Taxpayer asks: Good Morning Kelly, i have a question about the free goverment money that i did not received.I have a SS, my son was born here , and my wife does not a have a SS yet… But she does have an Itin Number… I do all the taxes every year for us tree……
The Internal Revenue Service (IRS) has largely been in shut down mode since March 24, 2020, when employees confirmed that some IRS call centers and return processing centers were closing in response to COVID-19. However, on April 25, 2020, the IRS announced that it was calling some employees back to work. Now, the IRS Office of Chief Counsel has announced that…
In an effort to recover income from funds that might have been hidden offshore, the US introduced a Voluntary Compliance Program that offers reduced civil penalties and no criminal penalties. At the time, IRS Commission Doug Shulman described the program as stating: The goal is to have a predictable set of outcomes to encourage people…
If you lost a loved one in 2010, my sympathies are with you. If you lost a loved one in 2010 that might have a taxable estate, my sympathies are really with you. The “surefire vote getting” one year repeal of the federal estate tax for 2010 has turned into one of the biggest administrative…