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What Is Tax Debt?

Tax debt refers to taxes you owe to the IRS and have yet to pay in full. The Internal Revenue Service (IRS) has filing deadlines every year for retur...

How Will Taxes Change in 2020 for 2019 Returns?

Every year, it’s crucial to monitor tax changes and other relevant information so you or your business can prepare accordingly. Last year was signi...

Does a Company Still Owe Back Taxes If It Goes Out of Business?

Every business has dreams and aspirations of making it and succeeding. Unfortunately, the other reality of starting your own business is there may co...

What Are the Changes to IRS Section 179?

Businesses rely on property and machinery for day-to-day operations. Thankfully, business owners who purchase property for business use can claim tax...

How to Qualify for IRS “Currently Not Collectible” Status

The IRS reports that nearly 30 million taxpayers file a return each year and owe taxes. The majority of taxpayers are capable of covering the tax deb...

How Do I Account for Self-Employment Taxes on Schedule K1 Income?

Schedule K1 is provided on IRS Form 1065 for taxpayers to report self-employment taxes related to a business partnership. Schedule K1 assists busines...

How to Avoid Paying Taxes on Inheritance

Death is inevitable for all of us, yet it doesn’t make the process any easier when you must say goodbye to a family member or close friend. Receivi...

Can You Inherit Tax Debt?

After a loved one passes away, not everything goes with them. Their personal belongings and finances remain on earth and can become the responsibilit...

5 Most Common Impacts on Businesses from the Trump Tax Changes

The jury is out on whether the Tax Cuts and Jobs Act of 2017 will help or hinder U.S. taxpayers. For many, whether or not it will help or hurt you de...

What is the CP40 IRS Notice?

Not everything sent to you from the IRS is bad news. However, if you get a CP40 IRS Notice, then you need to pay attention as it shouldn’t be taken...

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What is the CP40 IRS Notice?

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