Key TakeawaysAn Offer in Compromise (OIC) isn’t final until you stay compliant for a full five years from the date of acceptance. Missing a future return or underpaying future taxes can void the entire deal. If you have a Notice of Federal Tax Lien, it...
Key Takeaways The Streamlined Installment Agreement (SIA) is an ideal option for paying back taxes to the IRS… IF you owe $50,000 or less. Most people get immediate approval… no financial disclosures required. You have 72 months to pay off...
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...
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...
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...
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...
