HERE 10 tips if you owe but cannot immediately pay the IRS: • Pay What you can: Pay promptly to stop additional penalties and interest from accruing.  If you are…

IF YOU cannot pay all your taxes owed to the IRS, you may make an offer to pay a smaller sum to fully pay all taxes, penalties, and interests. This…

TAX scams via email have become widespread over the last year. Thieves have become bolder. Their bogus IRS website has improved graphics and looks so real that even a veteran…

ABOUT a dozen of my clients have complained of receiving threatening phone calls from the “IRS” to pay up or be subject to criminal investigation. This is a problem for…

IF YOU paid someone to care for your child, spouse, or dependent, you may be able to claim the Child and Dependent Care Credit on your federal income tax return….

OF course not. Why should I pay taxes based on the highest tax rates? The lowest rates belong to joint filers and widows, followed by heads of household, and single…

The IRS issued new guidance requiring individuals with an interest in a “specified foreign financial asset” to attach a disclosure statement to their income tax return for any year in…

NEW Foreign bank account rules were designed to combat money laundering, terrorism, and tax evasion. Unfortunately, folks like you and me get snared in the process. We get penalized if…

THE chief of the Franchise Tax Board (FTB) shares highlights of California’s audit program. The State examines about 300,000 income tax returns per year. Audits are conducted by desk, field,…

A SHORT sale occurs when you sell your property for a price that is short of the balance owed to avoid a foreclosure – with the consent of your lender….

(Part 2) SHAREHOLDER loans accumulate over time and become red flags for IRS audits. Left unchecked, they grow to sums that are hard to repay. Let’s discuss some tips and…

YOU have just lost an audit and have decided to bring your case before the appeals office of the IRS. You have learned the basics of the appeals process and…

AS you know, cancellation of debt income can surface from the foreclosure of your residence or any other real property. Like adding salt to an open wound, you are then…

YOU are still upset from losing an IRS audit. You have two choices: pay or fight. If you choose to fight, go to appeals. Let me give you 10 tips…

IF YOU have offshore bank accounts, should you report the accounts to the US government? Yes, if the aggregate balances exceed $10,000 at any time during the year. What if…

MANY financially distressed borrowers lost their homes and had their loans cancelled during and after the recession. It was a relief to have their debts reduced or forgiven, but the…

IRS agents are equipped with a guide that provides audit techniques to issues unique to attorneys. IRS instructs its agents to probe into the following areas: – Unreported income, deferral…

IT STARTED with a letter from the IRS. Your tax return has been selected for examination. You suspect that something is wrong. Is it possible that the agent suspects fraud?…

(Part 3 – Audit Scores) This is the last of three articles on how the IRS receives, validates, stores, and scores tax returns for audit. – How efiled and paper-filed…

(Part 2 – Master Files) LAST week we discussed how tax returns are received, verified, and reviewed for completeness. Let’s now discuss the second of a three-part series on how…

LET’S now discuss the last of three articles: How the IRS scores tax returns for audit. The higher the score, the more likelihood that you’ll be chosen for audit. 1….

IRS conducts field audits where the books and records of a business are maintained. This, of course, is either at your home, office, warehouse, factory, or store. But I don’t…

IF YOU fail to file on time or pay on time, penalties kick in. Here are 10 reasonable causes to abate (forgive) penalties for late filing or late paying: 1….

YOU should have received Form W-2 (Wage and Tax Statement) from your employer by now. If you did not, here are 10 tips to help you file: 1. Employers have…

THERE are two different approaches to prepare for an audit: shoe-box and organized approach. Let’s discuss each method so you can determine which one is best for your next audit….

HERE are the top 10 things the Internal Revenue Service wants you to know about this valuable credit: 1. If you qualify, it could be worth up to $6,044 this…

1. YOU may deduct donations to qualified organizations.  Qualified organizations have tax-exempt status from the IRS. These include corporations or foundations organized in the U.S. for religious, charitable, educational, scientific,…

HERE are 12 tips to help you choose your correct filing status: 1. There are five filing status options to choose from: single, married filing jointly, married filing separately, head…

1. E-FILE. When you e-file, your chance of getting an error notice from the IRS is significantly reduced. Besides, it’s faster. Your refunds also arrive sooner. 2. Check your occupation. …

YOU may deduct medical expenses only to the extent that expenses for doctors, drugs, insurance, etc. exceed 10 percent of your adjusted gross income.  This means that you lose the…