Blog
IRS Audit Representation: When Your Greater Seattle Tax Pro Shines
Key TakeawaysThe way you communicate with the IRS can shape the entire outcome of your audit. Filing a Power of Attorney form allows your tax professional to legally handle all communication for you. Speaking directly with the IRS can unintentionally...
What Documents Are Needed for an IRS Audit: Chapman Tax and Accounting’s Insights
Key TakeawaysThe IRS requires three separate forms of proof for nearly every deductible business expense: purchase, payment, and purpose. Missing even one element can lead to a denied deduction and possibly trigger a 20% Accuracy-Related Penalty. Certain...
How Should Greater Seattle Taxpayers Start Preparing For An Audit?
Quick Takeaways: How Should I Start Preparing For An Audit?Only send copies of the documents the IRS specifically asks for — nothing more. Start with the notice. The audit letter itself tells you the scope, type of audit, and deadlines. Anticipate triggers...
When Greater Seattle Taxpayers Need More Than the IRS Payment Agreement Phone Number
Quick Answers: Reduced IRS staffing could mean longer hold times and even an inability to talk to a real person on the other side of the IRS payment agreement phone number. The IRS encourages you to use your IRS Online Account to see balances, confirm...
Nonprofit Audit Triggers That Put Greater Seattle Nonprofits at Risk
Quick Answers: The IRS zeroes in on late or inaccurate Form 990 filings, which are the #1 cause of nonprofit audits. Insider benefits (like inflated executive pay or personal expenses paid with nonprofit funds) almost guarantee IRS attention. Clear...
Will the IRS Really Settle Greater Seattle Owers’ Tax Debt for Pennies on the Dollar?
Quick Answers: Can the IRS Really Settle My Tax Debt for Pennies on the Dollar?The IRS allows certain taxpayers to settle for less than they owe through an Offer in Compromise (OIC). In fiscal year 2024, about 4 out of 5 offers got rejected by the IRS. OIC...
Selling Your Business? Moves Greater Seattle Business Owners Can Make to Avoid Tax Traps
Quick Summary: Tax Traps to Avoid When Selling Your King County BusinessDepreciation recapture can cost you up to 37 percent in taxes. Deal structure (asset vs. stock sale) changes your tax outcome. Mismatched IRS Form 8594 filings can trigger an...
Early Withdrawal Penalties on Your 401(k): Caution to Greater Seattle Taxpayers
Key TakeawaysWithdrawing from your 401(k) or IRA before age 59½ triggers a 10 percent early withdrawal penalty plus regular income tax. A 20K withdrawal could leave you with only 13.6K after penalties and taxes—and you’ll lose future growth (up to 81K by...
What Greater Seattle Taxpayers Can Do When Their IRS Identity Theft Case Is Prolonged
You filed your return. You were expecting a refund, or at least a normal processing timeline. But instead, the IRS flagged your return and sent you a letter asking you to verify your identity. Or worse, they told you that someone else had already filed using your...