The Role of A Forensic Accountant in White-Collar Crime Cases

Every time you or your company are audited, or under investigation for tax or white-collar crimes, a forensic accountant may  play a major role in the case. You may be asking yourself, “I have an accountant, why bring in another one?” but the reality is that mistakes can be made, and the forensic accountant’s findings can provide valuable insight into what went wrong. Let’s dive into their role and how they can Read More

How Do You Know If You’re Under Investigation For Tax Crime?

In the past, we have discussed what your rights are as a taxpayer and how that impacts potential allegations made against you, but how do you know when you need to exercise those rights? The number of cases that the IRS investigates each year can vary based on a variety of factors, including budget constraints and the resources available for enforcement. This means that they use specific tactics to find cases they Read More

Knowing Your Rights As a Taxpayer

Did you know that just like the Bill of Rights for the U.S. Constitution, the IRS also has a Bill of Rights for taxpayers? These are laws that outline the fundamental rights of every taxpayer and ensure that the American tax system remains fair and just.   Understanding your rights is essential, not just for tax filing purposes but also for dealing with tax debt and the IRS.   What Is Outlined Read More

Is Your Family Liable For Your Tax Debt After Death?

In the classic 90’s comedy Grumpy Old Men, one of the main characters is at risk of losing his house to the IRS after they discovered that his late wife had years of back taxes from unclaimed income. Although the film used this plot point for dramatic effect, is it something that spouses filing their taxes jointly should ever be concerned about? The sad truth is that it is a possibility, but luckily, the IRS also Read More

International Tax Compliance: What Are Your Options?

To help delinquent taxpayers become compliant and avoid harsh statutory penalties, the IRS has issued extensive guidance and programs available. The primary options for managing disclosure are outlined below:   The Offshore Voluntary Disclosure Program The IRS Voluntary Disclosure Program allows taxpayers to provide the Internal Revenue Service with information about previously unreported offshore Read More

What Happens if the IRS Takes You to Collections?

Like most creditors, the IRS will act on its right to collect taxes that you owe. In the beginning, its collection process is similar to what you may have encountered with an overdue credit card or utility bill: you get a Notice and Demand for Payment (also known as a CP501 notice) in the mail explaining what you owe and requesting payment in full. With an overdue tax bill, this amount will include the amount of Read More

Tax Changes for 2023

The 2022 tax season is right around the corner, and now is a great time to start thinking about your upcoming tax return and refund. There have been many tax changes in 2022 that could have an impact on your return in 2023.  Preparing ahead is the best way to ensure you can save money and take action before the year runs out. Here’s more about some of the most pertinent tax changes you should be aware of for the Read More

Tax Tips for 2023

The 2022 tax season is rapidly approaching. It is important to keep in mind that various tax changes made last year may not be in place for the 2022 tax season.  With inflation rates sky high, you may have concerns as to how your tax return is going to be affected. Here are some of the top tax tips for 2023 so you can get the most out of your tax refund in the coming tax season. Organize Tax Records Read More

How to Remove an IRS Tax Lien

The tax lien is one of the Internal Revenue Service’s most effective collection methods. When the government places a legal claim on your property to secure payment for a tax debt, it can significantly impact your finances, assets, and even your credit. While the routine way to remove an IRS tax debt is to pay the amount owed, there are other options if you can’t afford to do so or don’t believe the lien is Read More

Selling on eBay? You’ll Get a 1099-K Next Year!

While many eBay sellers use the platform to occasionally offload old collectibles or merchandise, others treat it like a full-time job. According to Small Business Trends, the average seller makes about $35,000 per year, with top earners making as much as $70,000. Starting in 2023, the IRS will be paying closer attention. Welcome to the 1099-K! The 1099-K from eBay reports the gross sales you made on the Read More