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...
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...
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...
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...
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...
Key TakeawaysNot all tax debts are wiped clean in bankruptcy. Knowing what lingers can protect you from surprise bills. Post-bankruptcy tax compliance is essential. Late filings or missed payments can unravel your fresh start. Your tax refund might be at...
