EITC Penalties Cost Preparers Big Bucks

The IRS is focusing heavily on EITC Preparer Audits resulting in heavy penalties. In addition to assessing $500 per return, you can also face: Suspension or expulsion from the IRS e-file program Other disciplinary action by the IRS Office of Professional...

Which Tax Court?

Taxpayers commonly have four judicial avenues for resolving federal tax disagreements, namely the U.S. Tax Court, the U.S. Federal District Courts, the U.S. Court of Claims, or the U.S. Bankruptcy Courts.   The U.S. Tax Court   The U.S. Tax Court deals with...

What is Whipsaw

A whipsaw situation happens when the IRS collects inconsistent claims for the same items in the same transaction and has no consistent way to govern which claim is accurate without additional information.   Probable whipsaw situations can occur in numerous...

Have a tax problem?  Do not worry.

There are countless reasons why taxpayers may find themselves with a tax problem.  Occasionally taxpayers believe they are withholding enough from their paycheck, when they actually are not.  Sometimes they feel that they are sending in proper estimated tax payments...

IRS-OFFSET

It is inevitable, occasionally financial hardships unexpectedly happen. You may be questioning if the IRS can seize your income tax refund. The short answer is yes. Who Can Take My Refund? The IRS handles the confiscation of all federal tax returns. They call this an...

Is an Offer in Compromise suited for me?

An Offer in Compromise is an appealing option to many taxpayers because it allows taxpayers to settle their tax for less than what is owed.  However, according to the IRS, only about 30% of offers are accepted on an annual basis.  Therefore, before submitting an...