On August 8, President Trump issued a Memorandum deferring payroll tax obligations due to COVID-19. It directs the IRS to defer the withholding, deposit, and payment of the 6.2 percent employee’s share of Social Security taxes, between September 1 through the end of this year. Additionally, the IRS… Read More
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A Taxpayer’s Friend – IRC 6751(b)
Over the last couple of years, IRC 6751(b) has been a thorn in the side of the IRS. A few taxpayer “wins” have come courtesy of IRC 6751(b). It is a short, concise statute that spells out the procedural requirements that the IRS must follow before assessing certain… Read More
IRS Installment Agreement with my IRS Offer In Compromise? Nope
Here, I discuss the terms and conditions associated with Accepted IRS Offers in Compromise, or OICs. If you had an IRS OIC accepted, Congratulations! But it comes with certain terms and conditions beyond simply paying your tax settlement amount. In this video, I discuss a recent Court of… Read More
How to File a Timely IRS Appeals Hearing Request
In this video, I discuss IRS Collection Due Process Requests (CDP) for IRS Appeals. There is a new taxpayer-friendly change to the Internal Revenue Manual, IRM, concerning the timeliness of CDP Requests for IRS Appeals consideration. If you’re facing an IRS proposed collection action, like a bank levy,… Read More
IRS Releasing the Kraken?
The IRS does not create new Annual Reports on a whim. The newest report is one that all crypto users should view with caution. The Report is the work of the IRS’s Small Business/Self-Employed Tax (SB/SE) Division and it highlights a new Virtual Currency enforcement and compliance initiative…. Read More
Electronic Filing of IRS Form 1040X
Amended 1040 Tax Return may now be filed electronically. For the first time, the IRS is now permitting taxpayers to file their amended 1040X tax returns online through commercial tax software. This move certainly offers taxpayers more efficiency with their tax filing and processing but leaves open questions… Read More