Federal Taxes Insights

It’s that time of year again—change is in the air. The weather is generally getting colder. Radio stations are phasing in more holiday music. And, even tax provisions are changing.

On September 8, 2023, the Internal Revenue Service (“IRS”) announced that it would initiate a “sweeping, historic effort to restore fairness in tax compliance by shifting more attention onto high-income earners, partnerships, large corporations and promoters abusing the nation’s tax laws.”

The U.S. federal tax system involves a plethora of sensitive taxpayer information—for individuals and businesses alike.

The Internal Revenue Service (“IRS”) is the government agency responsible for collecting federal taxes. When taxpayers are unable to pay, the IRS may levy or lien their assets to collect unpaid taxes. In this blog post, I will discuss what levies and liens are, how they are different from each...

Filing a federal income tax return can be a daunting task. But, if you’re not careful, your audit risk could increase significantly. Let’s look at some of the factors that could put you at greater risk for an audit and how to reduce your chances of being audited by the IRS...

Filing taxes can be a stressful process for many individuals, especially when the tax deadline is just under 10 weeks away. Taxpayers may face even more stress when dealing with the Internal Revenue Service (IRS) outside of tax season. Why? Taxpayers may receive various types of notices, undergo...

It’s never too early to start preparing for taxes. Knowing the important deadlines in advance is key to having a stress-free tax season. With “Tax Day” inching ever closer, taxpayers should be aware of multiple deadlines throughout 2023. Individuals and businesses should review the list of major...

The U.S. federal tax system is complex and ever-changing. With the right guidance, you can take advantage of the many legal services available to taxpayers that can help you save money and stay compliant with the law. In this blog post, we’ll take a look at five essential services all taxpayers...

The Foreign Bank Account Report (FBAR), FinCEN Form 114a, is an important document for taxpayers who own or have signature authority over a foreign financial account. The FBAR must be filed annually with the Financial Crimes Enforcement Network (FinCEN), and it provides critical information about...

Cryptocurrency has become an increasingly popular asset in the last several years, especially as the value of Bitcoin and other cryptocurrencies skyrocketed. In recent years, cryptocurrency is a hot topic and regularly discussed, as more people invest. Accordingly, it’s important for taxpayers to...

The Offer in Compromise (OIC) is one of the few programs available to taxpayers that can allow them to settle their federal tax debts for less than the full amount owed. Many taxpayers are probably familiar with hearing ads for settling IRS debt for “pennies on the dollar.” However, the OIC is not..

Small business owners’ primary focus should be on operating their business and helping it grow and succeed. Federal taxes are not usually (or at least shouldn’t be) business owners’ primary concern. Yet, tax season can be a stressful period for small business owners. It is important for taxpayers...

When couples file joint tax returns, they generally assume equal responsibility for the accuracy and completeness of the information provided. Each spouse is also individually, jointly, and severally liable for the tax amount due show on the joint tax returns. However, there are situations where...

As a small business owner, you have several options for structuring your business. One of the most popular options is to form an S corporation. In this blog post, we'll discuss the tax advantages and opportunities of having an S corporation compared to other business structures, such as C...